The following factors could shift up the total Supply Curve of Labor, leading to a higher...

The following factors could shift up the total Supply Curve of Labor, leading to a higher wage in equilibrium, EXCEPT:

Question options:

	An increase in the value of leisure.
	An increase in Unemployment benefits.
	An increase in the number of people going into retirement.
	An increase in the Cost of college education.

Assuming perfect competition in the Labor Market, the following are likely effects coming from a Minimum Wage regulation, EXCEPT:

Question options:

	It will create a DWL
	It will reduce the number of jobs available.
	It will increase the level of unemployment in the economy.
	It will for sure benefit the workers that are the most in need.

Expert Solution

1. An increase in the Cost of college education.

When cost of college education increases then people move to do jobs which increases supply of labor in the market and shifts supply curve downwards leading to fall in wage. All other options shifts supply leftwards.

2. It will for sure benefit the workers that are the most in need.

Minimum wage is set above equilibrium wage. Workers want to work but firms demand less so unemployment increases. It creates dead-weight loss. Unemployed people increases so it will not benefit workers who need most.

Rahul Sunny answered 2 years ago

State whether the labor supply curve, labor demand curve or neither of the two will shift...

State whether the labor supply curve, labor demand curve or neither of the two will shift in the current scenario when the government has mandated workplace closures. If there is a shift, is the shift to the left or to the right? Illustrate your answer with a figure and show what happens to the full-employment level of employment following the shifts, if any. Label the axes and curves clearly

The determinants of supply (factors that lead the supply curve to shift) are number of sellers,...

The determinants of supply (factors that lead the supply curve to shift) are number of sellers, technology, resource prices, taxes and subsidies, and expectations of producers. EXPLAIN HOW EACH OF THESE DETERMINANTS AFFECT SUPPLY.

In each of the following scenarios, state whether the labor supply curve would shift to the...

In each of the following scenarios, state whether the labor supply curve would shift to the left, to the right, not shift at all, or if the shift is ambiguous because there is more than one effect and they would move the curve in opposite directions. (a) The stock market rises sharply. (b) Fewer teenagers work while in school than before. (c) A large fraction of the population flees the country because of a bird flu epidemic. (d) The expected...

1. Which of the following are factors that can shift the supply curve for concert tickets?...

1. Which of the following are factors that can shift the supply curve for concert tickets? a wage increase for musicians a cut in personal income taxes a new sound system for concert halls a subsidy for concert providers the price of substitutes for concerts a. I, II, and V only b. I, III, and IV only c. I, III, and V only d. II, IV, and V only e. I, III, IV, and V only 2. Given a normal...

1. Which of the following factors would not cause the supply of labor to shift? Select...

1. Which of the following factors would not cause the supply of labor to shift? Select the correct answer below: a) an increase in the amount of education required to perform a job b) implementation of a new government program that offers child care benefits to workers c) an increase in the number of companies producing a certain product d) All of the above would cause the supply of labor to shift. 2. In the United States, childless women with...

Which of these factors shift(s) the supply curve of loanable funds?

Which of these factors shift(s) the supply curve of loanable funds? decrease in foreign income increase in foreign income decreased productivity of capital decrease in time preferences more people in midlife increase in income investor confidence

A looseningloosening of the labor market will cause A. the aggregate supply curve to shift down....

A looseningloosening of the labor market will cause A. the aggregate supply curve to shift down. B. the aggregate supply curve to shift up.the aggregate supply curve to shift up. C.the aggregate demand curve to shift left.the aggregate demand curve to shift left. D.the aggregate demand curve to shift right. When the labor market is? tight, A. wages? fall, and the aggregate supply curve shifts down. B.wages? rise, and the aggregate supply curve shifts down. C.wages? rise, and the aggregate...

Which of the following factors shift primarily the demand curve and which factors shift primarily the...

Which of the following factors shift primarily the demand curve and which factors shift primarily the supply curve: per capita income changes; new technologies; population growth; tastes and preferences; price inputs used in production; prices of other goods consumed; prices of substitute goods in production?

under what circumstances can the supply curve shift up or down

Think of events that might lead to a leftward shift in the labor supply curve accompanied...

Think of events that might lead to a leftward shift in the labor supply curve accompanied by a rightward shift in the labor demand curve. With the help of a graph, discuss the effects on the equilibrium level of employment and wage.

Question