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 137 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
Excellent

sultana.d

  • Member
  • Posts: 320
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Wilson and Simberloff's experiments on the equilibrium model of biogeography. Wilson and Simberloff's experiments on the equilibrium model of biogeography.
Comparison of reactions at equilibrium and steady state Comparison of reactions at equilibrium and steady state
International Television Viewing Rates in Childhood In most developed countries, children watch TV International Television Viewing Rates in Childhood In most developed countries, children watch TV
What mass of sulfur hexafluoride, SF6, has the same number of fluorine atoms as 25.0 g of ... What mass of sulfur hexafluoride, SF6, has the same number of fluorine atoms as 25.0 g of ...
The dissociation equilibrium constants for the protonated form of alanine (a diprotic amino ... The dissociation equilibrium constants for the protonated form of alanine (a diprotic amino ...
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Video: Cardiac Cycle (Part 2 of 4)

For a complete list of videos, visit our video library