In New York City, 150 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 50 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashiers on the following graph. (? 50 45 Supply 40 35 10 5 50 100 150 200 250 300 350 400 450 500 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? O People prefer to spend time doing leisure activities rather than working. O The opportunity cost of leisure decreases as wages decrease. O Labor production functions exhibit diminishing marginal returns. O wages have to increase to accommodate union pressure. WAGE (Dollars per hour)

In New York City, 150 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 50 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashiers on the following graph. (? 50 45 Supply 40 35 10 5 50 100 150 200 250 300 350 400 450 500 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? O People prefer to spend time doing leisure activities rather than working. O The opportunity cost of leisure decreases as wages decrease. O Labor production functions exhibit diminishing marginal returns. O wages have to increase to accommodate union pressure. WAGE (Dollars per hour)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

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