This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed ... (Read 192 times)

Redwolflake15

  • Hero Member
  • *****
  • Posts: 569
on: Jun 29, 2018
When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed is determined by the ________ and the ________.
 
  A) supply of labor; minimum wage
  B) demand for labor; supply of labor
  C) supply of and demand for labor; the minimum wage
  D) demand for labor; minimum wage

Question 2

With no change in labor productivity, what would happen to the real wage rate and potential GDP if the population increased?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

miss_1456@hotmail.com

  • Sr. Member
  • ****
  • Posts: 289
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

An increase in population increases the supply of labor. As a result, the labor supply curve shifts rightward. Neither the labor demand curve not the production function shifts. The increase in the supply of labor means that employment increases and the real wage rate falls. The economy moves along its (unchanged) production function to a higher level of potential GDP.


Redwolflake15

  • Member
  • Posts: 569
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

amit

  • Member
  • Posts: 364
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

The rate of evolution in short­ and long­lived plants The rate of evolution in short­ and long­lived plants
Factors that Influence Pulse Rate Factors that Influence Pulse Rate
buffers commonly employed for biochemical studies buffers commonly employed for biochemical studies
A thimble of water contains 4.0 x 1021 molecules. The number of moles of H2O is: A thimble of water contains 4.0 x 1021 molecules. The number of moles of H2O is:
What is the minimum number of straight, continuous lines that are necessary to c What is the minimum number of straight, continuous lines that are necessary to c
Directions: Fill in the correct number or word(s). Order: Lantus U-100 insulin 68 units subcut ... Directions: Fill in the correct number or word(s). Order: Lantus U-100 insulin 68 units subcut ...
Video: Brain Anatomy Animation (Part 1 of 2)

For a complete list of videos, visit our video library