Demand and Supply of Labor

Feb 17th, 2015
Business & Finance
Price: $5 USD

Question description

#1. For each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed.

a. An increase in the price of capital.

b. A union is formed which uses collective bargaining to obtain higher wages for its members.

c. The marginal productivity of workers rises.

d. People desire leisure more than ever before (e.g. it is Christmas Day).

e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages.

f. The fringe (non-monetary) benefits offered in this market have increased substantially.

g. The government has just adopted an "open-door' immigration policy?

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