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 207 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
Wow, this really help

flexer1n1

  • Member
  • Posts: 373
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

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
Norman Bel Geddes, with Dr. Otto Koller, Air Liner Number 4. Norman Bel Geddes, with Dr. Otto Koller, Air Liner Number 4.
Determination of the number of theoretical stages Determination of the number of theoretical stages
Determining the order and rate constant of an irreversible first-order reaction Determining the order and rate constant of an irreversible first-order reaction
Relationship between the number of amino acid substitutions Relationship between the number of amino acid substitutions
Video: Uterine (menstrual) cycle - phases

For a complete list of videos, visit our video library