Sometimes firms pay wages above the market-clearing wage (efficiency wages). Wages are a coat to a firm. Give two reasons why a firm would CHOOSE to pay efficiency wages.

In a competitive labor market, employers will not pay less than the market wage because at a wage below the equilibrium A) the equilibrium wage would rise B) they would not be able to hire anyone C) there would be a surplus of workers D) they would be inundated with excess workers

Q)The market for N-95 masks is perfectly competitive. Market Demand is given by Q=306-2P and Market Supply is given by Q=3P. The government imposes a price floor of $116. What is the quantity traded in the market with this price floor?

Q5 - Q9 are related to the labour market in Australia. The following graph represents this labour market, where the vertical axis is the wage per hour and the horizontal axis is the number of workers employed (in millions). P Supply 30 25 19.84 Demand 8 12 15 The current minimum wage in Australia is $19.84 per hour. This minimum wage is a [ Select ] price floor. Under this minimum wage, the market wage rate is equal to [ Select ] per-hour and the number of workers employed is equal to [ Select ] million.

A competitive firm is selling a oroduct on Rs 30 . Is it possible that he sells the product on Rs 35 ? Explain this point with the help of diagram ?

The following graph shows the labor market for research assistants in the fictional country of Universalia. The equilibrium wage is $10 per hour, and the equilibrium number of research assistants is 250. Suppose the government has decided to institute a $4-per-hour payroll tax on research assistants and is trying to determine whether the tax should be levied on the employer, the workers, or both (such that half the tax is collected from each side). Use the graph input tool to evaluate these three proposals. Entering a number into the Tax Levied on Employers field (initially set at zero dollars per hour) shifts the demand curve down by the amount you enter, and entering a number into the Tax Levied on Workers field (initially set at zero dollars per hour) shifts the supply curve up by the amount you enter. To determine the before-tax wage for each tax proposal, adjust the amount in the Wage field until the quantity of labor supplied equals the quantity of labor demanded. You will not be…

What did Lewis mean when he wrote that there was a surplus of labor in agriculture? How does one measure that surplus? To what standard is labor in surplus, that is, in surplus relative to what?

To protect the well-being of the tenants, some legislators in Hong Kong suggest imposing a rent control. Explain the effects of a rent control on the market for rental housing, changes in the behavior of the landlords as a result of, and explain why these imply inefficiency.

Suppose there is an inverse supply function PS= 10 + 4.5Q and a market price P* = 44. What is the quantity supplied? What is the producer surplus?

Suppose the supply of apple pickers in Southwest Michigan can be expressed by the equation Qs=2/15(W-10) . An apple farmer advertises a wage of $100 per day to pick apples; however, when the day of the harvest arrives the farmer tells those assembled at the orchard that only 10 pickers are needed, and, as more than 10 pickers showed up looking for work, the wage will fall to the equilibrium. How many pickers showed up to work the apple harvest? What is the equilibrium wage offered by the farmer? Graph the supply of and demand for labor at the orchard, indicating the equilibrium price. Calculate the pickers’ total producer surplus, including the surplus lost by the pickers who were available to work but were not hired.