Author Question: The percentage of workers whose wages are set by explicit contracts increases. This should (Read 139 times)

luvbio · **on:** Apr 19, 2019

Question 1

Suppose that workers in the food service industry go on strike during an economic downturn because they are unwilling to accept a cut in their wages unless they know that workers in other industries are receiving similar wage cuts. This example is consistent with the

◦ efficiency wage explanation of unemployment.
◦ explicit contract explanation of unemployment.
◦ social contract explanation of unemployment.
◦ relative-wage explanation of unemployment.

Question 2

The percentage of workers whose wages are set by explicit contracts increases. This should

◦ make it more difficult for the labor market to reach an equilibrium after a change in the demand for labor.
◦ make it easier for the labor market to reach an equilibrium after a change in the demand for labor.
◦ have no impact on the movement of the labor market toward equilibrium after a change in the demand for labor.
◦ cause the labor market to always be at an equilibrium, even if there is a change in the demand for labor.

hramirez205 · **Reply #1 on:** Apr 19, 2019

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luvbio · **Reply #2 on:** Apr 19, 2019

Thank you!

hramirez205 · **Reply #3 on:** Apr 19, 2019

Always glad to help...