Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the supply of labor, prices and wages both decrease. Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. A worker on a Texas oil rig is likely to earn _______ than a reception because _________. Group of answer choices less; the job has unattractive characteristics. more; the job is more fun. more; the job is more prestigious. more; the job is more dangerous.
Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the supply of labor, prices and wages both decrease. Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. A worker on a Texas oil rig is likely to earn _______ than a reception because _________. Group of answer choices less; the job has unattractive characteristics. more; the job is more fun. more; the job is more prestigious. more; the job is more dangerous.
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 5PA
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Question
Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services?
Group of answer choices
Since this increases the supply of labor, prices and wages both decrease.
Since this increases the demand for labor, prices and wages both increase.
Since this decreases the supply of labor, prices and wages both decrease.
Since this increases the marginal product of labor, prices and wages both decrease.
A worker on a Texas oil rig is likely to earn _______ than a reception because _________.
Group of answer choices
less; the job has unattractive characteristics.
more; the job is more fun.
more; the job is more prestigious.
more; the job is more dangerous.
please answer two questions
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