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- Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.Name some factors that can cause a shift in the demand curve in labor markets.Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answer with supply and demand diagrams.
- Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.What would be the predicted impact on the labor market of a decrease in non-wage income, as well as an increase in the price of machines? a. An increase in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. b. A decrease in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. C. An indeterminate change in equilibrium wage, and an increase in equilibrium quantity of labor. O d. An indeterminate change in equilibrium wage, and a decrease in equilibrium quantity of labor.
- A new law requires employers to provide health benefits to all workers who are employed more than 10 hours per week. This law results in a $3 per hour increase in the cost of the equilibrium hiring workers. The law is likely to the demand for labor and wage paid to workers. O increase: decrease increase : increase decrease: decrease decrease: increase ASUSSuppose BMW runs a great ad campaign thatincreases demand and drives up the price of BMWs.What do you expect will happen to the demand forthe labor in auto-manufacturing plants? Explainhow the equilibrium price and quantity of labor willchangeQUESTION 2o WAGE EMPLOYMENT In the labor market depicted in figure, an increase in oil prices OA shifts labor demand from L to L O B. produces no change in either the labor supply or demand curve. OC. shifts labor demand from L O D.shifts labor supply from L to L 79 We R. Y. LU TV
- Figure 17-4 Wage W₂ W₁ Wo 0 Labor supply Quantity of labor Refer to Figure 17-4. Which of the following is true at Wo? The income effect is larger than the substitution effect. The income effect and the substitution effect are equal. O The supply curve is positively sloped. The substitution larger than the income effect.What is the effect of an increase in the income tax rate and more generous unemployment benefits on the labor market? An increase in the income tax rate and more generous unemployment benefits O A. decreases the supply of labor; decrease the supply of labor O B. decreases the supply of labor; increase the demand for labor O C. increases the demand for labor; increase the demand for labor O D. increases the demand for labor; decrease the supply of labor answer.The graph on the right shows a labor markel in equilibrium. The equilibrium wage is $10 per hour. At this wage, there are people who are not working, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not working in this market? Labor supply curve O A. These people have decided not to work right now, regardless of the wage. O B. These people applied for employment at $10 per hour but were not hired by the firm. OC. These people are only willing to work for wages above the markel-clearing wage 10 O D. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor
