Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 4, Problem 26CTQ
Why are the factors that shift the
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
What would be the effect of a decrease in the price of lumber on demand for labor in the lumber
producing industry?
The demand for labor will remain unchanged
The demand for labor will increase
The demand for labor will decrease
Which of the following would increase the demand for labor?
There’s an increase in the number of workers
The price of the output good increases
The substitution effect makes leisure more expensive as wages increase
Leisure is a normal good and the income effect occurs when wages change
You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor.
There is an increase in the price of steel. You make tractors.
Chapter 4 Solutions
Principles of Economics 2e
Ch. 4 - In the labor market, what causes a movement along...Ch. 4 - In the labor market, what causes a movement along...Ch. 4 - Why is a living wage considered a price floor?...Ch. 4 - In the financial market, what causes a movement...Ch. 4 - In the financial market, what causes a movement...Ch. 4 - If a usury law limits interest rates to no more...Ch. 4 - Which of the following changes in the financial...Ch. 4 - Which of the following changes in the financial...Ch. 4 - Identify the most accurate statement. A price...Ch. 4 - A price ceiling will have the largest effect:...
Ch. 4 - Select the correct answer. A price floor will...Ch. 4 - Select the correct answer. A price ceiling will...Ch. 4 - What is die price commonly called in the labor...Ch. 4 - Are households demanders or suppliers in the goods...Ch. 4 - Name some factors that can cause a shift in the...Ch. 4 - Name some factors that can cause- a shift in the...Ch. 4 - How do economists define equilibrium in financial...Ch. 4 - What would be a sign of a shortage in financial...Ch. 4 - Would usury laws help or hinder resolution of a...Ch. 4 - Whether the product market or the labor market,...Ch. 4 - Other than the demand for labor, what would be...Ch. 4 - Suppose that a 5 increase in the minimum wag...Ch. 4 - Under what Circumstances would a minimum wage be a...Ch. 4 - Suppose the U.S. economy began to grow more...Ch. 4 - If the government imposed a federal interest rate...Ch. 4 - Why are the factors that shift the demand for a...Ch. 4 - During a discussion several year; ago on building...Ch. 4 - Identify each of the following as involving either...Ch. 4 - Predict how each of the following events will...Ch. 4 - Predict how each of the following economic changes...Ch. 4 - Table 4.6 shows the amount of savings and...Ch. 4 - Imagine that to preserve the traditional way of...Ch. 4 - What happens to the price and the quantity bought...
Additional Business Textbook Solutions
Find more solutions based on key concepts
4. Figure 1.1 outlines the operations, finance/accounting, and marketing functions of three organizations. Prep...
Operations Management
E2-13 Identifying increases and decreases in accounts and normal balances
Learning Objective 2
Insert the mis...
Horngren's Accounting (12th Edition)
Horizontal analysis(Learning Objective 2)15-20 min. What were the dollar and percentage changes in Fesslers Fin...
Financial Accounting, Student Value Edition (5th Edition)
S6-2 Determining inventory costing methods
Ward Hard ware does not expect costs to change dramatically and want...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
The executive vice-president in charge of finance believes the price will not fall in proportion to the size of...
Foundations Of Finance
An experimental composite engine block for an automobile will trim 20 pounds of weight compared with a traditio...
Engineering Economy (17th Edition)
Knowledge Booster
Similar questions
- Answer each of the following questions regarding the market for labor in the fast-food industry. a. If wages in the retail industry increase (assume that the retail industry requires similar skills as the fast-food industry), the point representing the equilibrium wage and quantity of workers will move down and to the left along the market supply curve for labor. the market supply curve for labor will shift to the right. the market supply curve for labor will shift to the left. the point representing the equilibrium wage and quantity of workers will move up and to the right along the market supply curve for labor. b. If new legislation limits the number of hours that workers under the age of 18 can work each week, the market supply curve for labor will shift to the left. the market supply curve for labor will shift to the right. the point representing the equilibrium wage and quantity of workers will move up and to the right along the market supply curve for labor. the point…arrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double.arrow_forwardPhil's Copy Studio pays its workers $60 per day and sells poster-size copies for $10 per print. Now suppose during the holiday season the price of poster-size copies increases to $12. What happens? The demand for labor decreases The demand for labor increases The quantity demanded of labor decreases but the demand for labor curte does not shift The quantity demanded of labor increases, but the demand for labor curve does not shiftarrow_forward
- Higher gas prices have led to an increase in demand for compact cars that get better gas mileage and a decrease in demand for larger cars that get poor gas mileage. Using graphs, show, and verbally explain, how this change in demand in the market for cars affects the labor market for workers (labor supply and labor demand) in the car manufacturing industry. Make sure that you explain exactly why each curve shifts.arrow_forwardChoices for the three parts are: not change, increase, or decrease. Will the supply/demand curve shift left or right?, show on graph.arrow_forwardThis figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. S Refer to Figure above. What is measured along the vertical axis on the graph? Select one: a. time spent by workers producing automobiles b. the price of automobiles c. the wage paid to automobile workers d. the quantity of automobiles producedarrow_forward
- Which of the following will not shift the supply of labor to the right? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. b an increase in safety protocols creating a safer work environment. с d an increase in the wage e a decrease in the education requirements needed for employment new union contracts that call for creating new positions all of the above will shift the supply of labor to the right X Your answerarrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You develop a popular video game and continue to develop new versions to keep people interested in the game.arrow_forwardWill an increase in the minimum wage cause a shift in the demand curve for unskilled labor? Will an increase in the minimum wage cause a shift in the supply curve for unskilled labor? Briefly explain your answers.arrow_forward
- If soccer becomes more popular in the United States and basketball becomes less popular, is it true that professional basketball players will earn more than they earn today? Use the laws of demand and supply in factor markets to explain you answer.arrow_forwardThe graph below depicts equilibrium in the labor market for yoga instructors. Yoga has become increasingly popular as an alternative, or even a complement, to other forms of exercise, such as working out in a gym or running. Suppose that medical research shows that practicing yoga three times a week greatly increases the cardiovascular health of senior citizens. This increases the demand for yoga classes and studios, which in turn leads to an increase in price for yoga. How will this impact the labor market for yoga instructors? Illustrate on the graph below by shifting a curve or curves.arrow_forwardWhich of the following is not correct? In a labor market, the wage adjusts to balance the supply and demand for labor. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. Any event that changes the supply or demand for labor must change the equilibrium wage. Any event that changes the supply or demand for labor must change the value of the marginal product.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning