Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest (Explain with diagram).  b. Briefly describe how labor unions can affect wages in non-unionized industrie

Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilled workers is relatively elastic. The government imposes a minimum wage in this market. Using a correctly labeled graph, show the following. a. The market wage rate paid to hired unskilled workers. b. The number of unskilled workers hired. c. The number of unskilled workers still looking for employment. Assume that unskilled workers are the primary source of labor in the agricultural industry, strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimum wage law will affect the market for strawberries and identify the following. d. The price of strawberries. e. The quantity of strawberries.

a) What are the effects of the minimum wage in the perfect labor market? Draw a diagram and explain shortly. b) How could these effects change in case of the monopsonistic market? Explain shortly. c) List one reason why the effect of the minimum wage could be different in the monopsonistic market relative to the perfect market.

The market for Pepsi is in equilibrium. The workers at Pepsi get a new union contract that doubles their pay. Draw a Supply and Demand graph, properly labeled, and show the initial situation and the situation after the new information is released on the same graph with arrows showing the direction of any change. Clearly state the impact on price and quantity.

For each of the following determine the impact on the demand or the supply of labor and effect on the equilibrium wage and quantity of labor employed.   The marginal productivity of workers rises. The government has just adopted an open-door immigration policy People desire leisure more than ever before

Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 2.5 + 0 0. Demand 125 250 375 500 625 750 875 1000 LABOR (Thousands of workers). Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) 2.50 875 Labor Supplied (Thousands of workers) 125

ps OS Consider two hypothetical states that operate under different laws governing labor unions. The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $8.00 per hour. Now, suppose that the General Assembly in this western state passes a law that makes it easier for workers to join a union. Through collective bargaining, the union negotiates an hourly wage of $10.00. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. WAGE (Dollars per hour) 16 14 12 10 1.00 8 O 2 10 Supply Demand 0 200 400 600 800 1000 1200 1400 1800 LABOR (Thousands of workers) At the union wage, Graph Input Tool Market for Labor Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. union workers will be employed. Wage (Dollars per hour) Labor Demanded (Thousands of workers) 2.00 1,400 Labor Supplied…

A,B, and C

Consider this graph represents McDonald's demand for labor. Choose the 2 scenarios that would shift the demand for labor from D1 to D3. Group of answer choices McDonalds buys a machine that can do the work of 5 human employees. (Long Run) Breaking News: All McDonald's food contains traces of rat poison. People decide to eat less. The Travis Scott meal is heavily promoted on social media increasing people's desire to eat at McDonalds more often. McDonalds buys a machine that can do the work of 5 human employees. (Short Run)

10) Imagine a firm that hires two types of workers—some with computer skills and some without. If technology advances, so that computers become more useful to the firm, what happens to the marginal product of the two types? What happens to equilibrium wages? Explain, using appropriate diagrams.