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Author Question: According to the law of supply: a. there is an inverse relationship between price and quantity ... (Read 122 times)

Mollykgkg

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on: Jun 30, 2018
According to the law of supply:
 a. there is an inverse relationship between price and quantity demanded.
  b. there is a direct relationship between price and quantity demanded.
 c. there is an inverse relationship between price and the quantity supplied.
  d. there is a direct relationship between price and the quantity supplied.

Question 2

Discuss the impact of efficiency wages on unemployment and wage inflexibility.


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srodz

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

Because the efficiency wage rate is greater than the equilibrium wage rate, the quantity of labor that would be willingly supplied is greater than the quantity of labor demanded, resulting in greater amounts of unemployment. However, aside from creating some additional unemployment, the efficiency wage could also cause wages to be inflexible downward.


Mollykgkg

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Reply #2 on: Jun 30, 2018
Correct answers!


srodz

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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