. Which of the following causes a rightward shift in the demand for labor in the market for cars? The price of motorbike (a substitute good) increases. a. b. The price of car increases. C. Car manufactures purchase and install labor augmenting car manufacturing equipment. d. All of the above
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- Which would decrease the demand for a particular type of labor? An increase in the prices of the resources that are complements to that type of labor An increase in the wages of that type of labor X An increase in the demand for the products produced by that type of labor A decrease in the prices of those resources that are complements for that type of laborIf there is diminishing marginal utility, and the price of labor goes up, you supply more labor. True of False and explain your choiceWhat happens to the supply curve when prices of factor of production rises
- Explain how to find the equilibrium priceand quantity for a factor of production.Which one of the following labor resources will likely have the most inelastic supply schedule in the short run? a.construction laborers b.filling station attendants c.dentists d.sales clerksYou publish a magazine for calculator collectors. To produce and distribute this magazine, you use a number of inputs: • computers labor . раper • postage • staplers What is the impact on the market, if the price of labor goes down ? Choose one: O A. The demand for the magazine shifts to the right, and the supply curve shifts to the left. The equilibrium price rises, but there is an unknown change in the equilibrium quantity. O B. The demand for the magazine does not change, and the supply curve shifts to the left. The equilibrium price rises, but the equilibrium quantity falls. O C. The demand for the magazine does not change, and the supply curve shifts to the right. The equilibrium price falls, but the equilibrium quantity rises. O D. The demand for the magazine shifts to the left, and the supply curve shifts to the right. The equilibrium price falls, but there is an unknown change in the equilibrium quantity.
- Economics: Labor Economics Question: 1 If unskilled labor and robotics are substitutes in production a decrease in the price of robotics is predicted to a. decrease the demand for unskilled labor if the scale effect outweighs the substitution effect. b. decrease the demand for unskilled labor if the substitution effect outweighs the scale effect. c. unambiguously increase the demand for unskilled labor. d. unambiguously decrease the demand for unskilled labor. Question: 2 Assuming capital is fixed in the short run and variable in the long run what would likely happen to wages in the short and long run following a wave of immigration? a. a large decrease in the short run, followed by a smaller decrease in the long run b. a small decrease in the short run followed by a larger decrease in the long run c. an increase in the short run followed by a large decrease in the long run d. a decrease in the short run followed by an increase in the long run Question: 3 Which of the following…Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool Market for Labor 24 I Wage (Dollars per hour) 21 Supply 3.00 Labor Supplied (Thousands of workers) 18 Labor Demanded (Thousands of workers) 1,050 150 15 12 Demand 3 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $15.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements…You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. There is an increase in the price of steel. You make tractors.
- wheat is the main input in the production of flour. all else equal, if the price of wheat decreases, what would we expect?What will happen to the demand curve if : a. The demand for the product by labor declines b. The prices of subtitute inputs fall c. The productivity of labor increases d. The wage rate declinesAn increase in the price of the firm's output leads to a movement upward along the demand for labor curve. b. rightward shift of the demand for labor curve. movement downward along the demand for labor curve. d. leftward shift of the demand for labor curve.