Labor Economics
7th Edition
ISBN: 9780078021886
Author: George J Borjas
Publisher: McGraw-Hill Education
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Chapter 3, Problem 8RQ
To determine
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Explain how the minimum wage laws may cause unemployment. What age group is most adversely affected by the minimum wage law?
Convince me that the minimum wage should NOT be increased. Use key terms. Cite examples.
How do minimum wages affect wages, employment, and unemployment?
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- In a competitive labor market any one firm has complete control over the wage that it pays its workers. True – False Explain.arrow_forwardDiscuss the effects of minimum wage legislation on employment .arrow_forwardThe government recently imposed a number of regulations on companies that will make it more expensive for companies to hire workers. What consequence will this have on the labor market?arrow_forward
- Assume the labor market for loggers is perfectly competitive. How would each of the following events influence the wage rate loggers are paid? a. Consumers boycott products made with wood. b. Loggers form a union that requires longer apprenticeships, charges high fees, and uses other devices designed to reduce union membership.arrow_forwardHow do wages affect labor supply?arrow_forwardDiscuss how minimum wage laws affect labor markets.arrow_forward
- Which of the following would increase the supply of labor? There’s a decrease in the number of workers The amounts of capital firms have increases The productivity of workers increases Immigration increases the number of workersarrow_forwardConvince me that the minimum wage should NOT be increased. Use microeconomics terms. Cite examples.arrow_forwardWage rate (dollars per hour) 8 9 2 0 20 20 30 0 40 D 40 80 80 Labour (millions of hours) Based on the above labour market graph, if the minimum wage is set at $3.00/hour then unemployment isarrow_forward
- If you were to accept a position in another state, why do you believe it would be important to understand the state labor laws prior to arriving at your new position?arrow_forwardHow does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand? Do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry or in the lawn-care/landscaping industry?arrow_forwardDescribe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.arrow_forward
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