Changes in labor supply curve (shift) in labor market and thus changes in equilibrium wages and quantity of labor are mainly attributed to among others O Changes in technology of production O changes in value of marginal productivity of labor and output price O Changes in labor force growth rate and labor participation rate O Changes in wage elasticity of labor demand curve

Changes in labor supply curve (shift) in labor market and thus changes in equilibrium wages and quantity of labor are mainly attributed to among others O Changes in technology of production O changes in value of marginal productivity of labor and output price O Changes in labor force growth rate and labor participation rate O Changes in wage elasticity of labor demand curve

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 4TY

See similar textbooks

Similar questions

A backward-bending labor supply curve occurs when: None of the above O a negatively sloped labor supply curve is not possible. O the substitution effect of a wage increase equals the income effect. O the substitution effect of a wage increase is greater than the income effect. O the income effect of a wage increase is greater than the substitution effect.
Illustrate and examine how the individual supply of labor curve demonstrate the way an individual divides his/her time between work and leisure
Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.
WAGE W₂ W₂ Figure 18-5 Refer to Figure 18-5. Which of the following would shift the labor supply curve from S₁ to S₂? O a. a decrease in the price of the firm's output O b. technological progress O c. a change in workers' attitudes toward the work-leisure tradeoff in favor of work O d. an increase in the price of the firm's output LABOR S₁ S₂ Demand
Mr. R is working from7:30 AM to 3:30PM including lunch break for 5 days every week in jewelry design shop. His main task is designing authentic men's jewelries. He agreed to be paid by piece rate of 15 OMR /design for 15 weeks. If his daily output is 10 designs, calculate total earnings. O ,050 OMR O 10,500 OMR O 750 OMR O 11,250 OMR Labor demand and supply of labor are external factors that impact compensation practices. If supply of labor is less than the labor demand, most employers offer to jobseekers. O Higher rate Going rate O Lower rate O Market rate
QUESTION 12 The backward-bending supply of labour curve is based on consideration of income and substitution effects. Which of these statements explains why the labour supply curve slopes upwards when wage rates are relatively low? O a. The income effect outweighs the substitution effect O b. The individual feels able to give up consumption in order to enjoy more leisure O c. Wage increases increase the opportunity cost of leisure O d. The income and substitution effects work in the same direction
QUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A. The firm should hire less labor to pay minimum O B. The firm should use more capital to increase the labor productivit OC The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to wage pay minimum cost
Marginal revenue product of labor 56 48 $36 40 36 28 20 11 0 O 12 cake pops 36 cake pops $144 1 2 3 4 5 6 The Figure shows the marginal revenue product (also called the value of the marginal product) for Cora's Confections, a producer of hand-made cake pops. If Cora can sell her cake pops at $3 each, what is the marginal product of the 4th worker? 7 Marginal revenue product of labor Quantity of labor
Refer to Table 14-2. What is the marginal product of the first worker? O a. 300 units O b. 50 units O c. 200 units O d. 100 units Labor (Number of workers) 0 1 Table 14-2 2 3 4 Output Marginal Product (Units) (Units) 0 300 500 600 650
What is the impact on the labour market due to a reduction the productivity of workers? Select one: O a. labour supply shifts to the left; wage rate increases and level of employment is lower O b. labour demand shifts to the left; wage rate decreases and level of employment decreases O c. labour demand shifts to the right; wage rate increases and level of employment increases O d. labour supply shifts to the right; wage rate decreases and level of employment is higher Next page age search [田

Q.1.20 An upward-sloping labour supply curve illustrates that ceteris paribus; (a) the quantity of labour supplied and the hours of work per week aredirectly related.(b) the quantity of labour supplied and the price of labour used to produceoutput are inversely related.(c) individuals use higher income to buy back leisure time.(d) a greater quantity of labour would be supplied at higher wage rates .Q.1.17 Marginal cost is defined by: (a) total cost increases when one more unit is produced.(b) fixed cost increases when one more unit is produced.(c) Total revenue increases when one more unit is produced.(d) average cost increases when one more unit is produced.
In the context of a perfectly competitive model of the labour market, an increase in technologythat raises the marginal product of labour at any given level of employment would be expected, inequilibrium, toa) reduce the amount of labour required to produce a given amount of output and hence increaseunemployment.b) shift the labour demand curve outwards and lead to an increase in employment and wages.c) have no effect upon labour supply or labour demand curves and hence have no impact onemployment or wages.d) reduce the supply of labour to the market and result in an increase in wages but a fall inemployment Why the correct answer is B?