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Author Question: Without any change in the supply of labor, how will shifts in the demand for labor affect ... (Read 109 times)

rachel9

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on: Jun 29, 2018
Without any change in the supply of labor, how will shifts in the demand for labor affect equilibrium wage and employment?
 
  What will be an ideal response?

Question 2

There is no reason to think poets can't someday become as rich as professional basketball players in the market process. It is most likely to happen if
 
  A) the supply of poets increases substantially.
  B) the supply of poets decreases substantially.
  C) the cost of writing good poetry decreases substantially.
  D) poets are able to consistently sell out twenty-thousand-or-larger seat stadiums at thirty dollars (or more) per ticket.


leahm14

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Because the equilibrium wage and employment are determined at the point of intersection of the labor demand and supply curves, shifts in the demand curve affect these variables. A right shift in the demand for labor, without any change in the supply of labor, will lead to higher wages and employment levels. On the other hand, a left shift in the demand for labor, without any change in the supply of labor, will lead to lower wages and employment levels.

Answer to Question 2

D


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