Which of the following conditions is necessary for the law of one wage to hold? Group of answer choices A price floor An excess supply of labor Costless labor mobility Few workers available with the necessary skills

Q: Increasing the minimum wage has no impact on employment, regardless of the size of the increase.…

A: Minimum wages refers to the minimum remuneration given to employee by employer for doing work by…

Q: A minimum wage law is predicted to produce   a. increased hiring of young and inexperienced…

A: In the labor market, equilibrium wage is determined by the forces of demand and supply. The demand…

Q: Other things being equal, a labor union will find it harder to get a wage increase for its members…

A: Answer- Need to find- Other things being equal, a labor union will find it harder to get a wage…

Q: Profit-maximizing firms will hire additional units of a resource up to the point at which the…

A: Marginal revenue product is the change in the total revenue due to additional unit of resource used.

Q: Identify two reasons why a wage might rise above the market equilibrium,and describe their effect on…

A: Answer to the question is given below :

Q: The equilibrium quantity of labor and the equilibrium wage level decrease when: a) labor demand…

A: Answer to the question is as follows :

Q: true or false? Non-monetary aspects to a job can explain why wages may differ given that two…

A: Non-monetary benefits:- Non-monetary remuneration is defined as any sort of non-cash compensation…

Q: A school district received 750 applications for 10 new openings. What does this tell you about the…

A: Number of applications=750Number of openings=10From this,we can say that number of application is 75…

Q: Explain four ways in which a firm might increase its profits by raising the wages it pays.

A: A firm hires workers and employees to serve their services at different levels of the production…

Q: Which of the following was part of the Fair Labor Standards Act? which answer choice is it? A.…

A: The provisions of the Fair Labour Standards Act were establishment of a minimum wage, overtime pay,…

Q: The demand for labor for a firm with market power in the output market equals ______.

A: The labor market, often known as the "job market," is defined as the relationship between supply and…

Q: Based on class discussion, the following are corrected descriptions about sectors and dynamics in…

A: In the labor market, the difference in wages among people is due to their skills, knowledge and…

Q: The labor supply curve is upward sloping because    Question 3 options:   workers are willing to…

A: A singular's labor supply bend marks out the number of hours they will work at various wages, the…

Q: Discuss the effects of minimum wage legislation on employment .

A: A minimum wage is a price floor. A binding floor price is imposed above than equilibrium price, at…

Q: Discuss in detail the expectation on prices by labor suppliers under the following theories:…

A: Keynesian economics is a school of thought that rejects the assumptions of classical economics and…

Q: marginal revenue product of the last worker

A: Correct option is (D).

Q: Which of the following legislative constraints applies to the issue of minimum wage? a. human rights…

A: The answer is - b. trade union legislation

Q: "The more easily firms can substitute labor for capital, the greater the inefficiency of minimum…

A: According to federal law, a minimum wage is the lowest wage per hour that a worker can be paid. It…

Q: Workers Total Product Product price 0 0 4 1 16 4 2 26 4 3 34 4 4 40 4 5 44 4…

A: Marginal Revenue Product is the additional revenue generated from using one more unit of the input.…

Q: True or false: 1) The economic value of workers is reflected in the labor supply curve 2) The price…

A: "Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Excess supply in terms of union labor means: Select the correct answer below: Firms will want to…

A: In the mentioned question we have been asked what will happen if in labor market there is excess…

Q: Which of the following describes the effect of the changes in the manufacturing labor market on the…

A: Factors of production are those inputs that are used by the producers, or manufacturers in the…

Q: Which of the following statements is correct regarding involuntary unemployment?        When there…

A: Involuntary Unemployment  Involuntary unemployment stands for unemployment that occurs when the…

Q: The growth of the temporary worker industry has probably helped to reduce the natural rate of…

A: Unemployment is a situation in which a person who is willing and able (capable) to work do not find…

Q: Suggest solutions to the limitations of the Efficiency Wage Model

A: The efficiency wage theory proposes that raising wages will enhance labour productivity because…

Q: Statement 1: "Firms using internal labor market often appreciate the fact that their employees have…

A: Statement 1 is false as firms know that employees work for a longer period in order to get promoted…

Q: According to the traditional theory of wages, wages are mainly determined by Group of answer choices…

A: In economics, traditional theories refer to the basic concept related to economic activities that…

Q: A perverse incentive is a particular drawback of the organizational wage level system for…

A: A perverse incentive is one that produces an unanticipated and unpleasant effect that is at odds…

Q: Consider the labor market for electricians. The demand curve is downward sloping and the supply…

A: The increase in the wage makes it is a price floor or minimum wage control so the wage in the market…

Q: Firms that are confronted with union demands for higher wages may choose production methods that…

A: The markets are the place where the goods and services are sold, and purchased. These products are…

Q: Which of the following is a characteristic of a purely competitive labor market? Multiple Choice All…

A: Equilibrium is attain where Ls=Ld

Q: According to the theory of efficiency wages,a. firms may find it profitable to pay above-equilibrium…

A: Theory of efficiency wages states that employees of your organization should be paid higher than the…

Q: Offering higher than equilibrium wages can be expected to  a)increase the cost of losing a job. b)…

A: When firm offer higher wage than the equilibrium wage, it will increase the cost of losing a job.

Q: Which one of the following is not an example of efficiency wages? Group of answer choices a) Firms…

A: OPTION D Efficiency wage is the wage that is higher than the market wage that is paid by the firms…

Q: Which of the following is not an assumption of a competitive labor market? numerous buyers and…

A: The answer is - interchangeable workers

Q: An increase in the matching rate: Increases the time it takes to fill a vacancy. Reduces the…

A: The empirical relationship between matches and vacancies and unemployment is referred to as the…

Q: Which of the following would increase the supply of labor? There’s a decrease in the number of…

A: Supply is the total quantity of products and services that the producer manufacture to sell in the…

Q: Critics of the minimum wage contend that imposing a wage higher than the equilibrium wage in a…

A: Minimum wage policy is a action taken by the government of a nation in which the government sets up…

Q: 50 SAR 70 SAR 90 SAR 110 SAR 130 SAR 180 200 220 220 240 260 200 180 160 140 What is the equilibrium…

A: The equilibrium wage rate is determined at a point where the quantity of labour supplied intersects…

Q: Raising the minimum wage will   Question 5 options:   Make all employers better off   No other…

A: Unemployment: - unemployment is that portion of the labor force that is able to do work and looking…