How
do labor markets operate and how do they connect to each other and
the broader...
How
do labor markets operate and how do they connect to each other and
the broader economy?
Solutions
Expert Solution
Explanation:
Labor market meant to be the market
where different people will offer their working skills to different
employers for exchange of wages or salary or any form of
compensation in between them. Normally labor market participants
are person who want to work for the compensation or salary. In
labor market there are two functions to be performed, supply and
demand for the labor. Employee being treated as the supply and
employers are demand of the market. Labor markets operate through
interaction of workers and employers, employers look for the
employees and employees look out for the wages and salary being
offered by the employers, they try to understand the resulting
patterns of wages, employment and incomes.
Labor market get connected through
digital platform to each other. Labor market work through the
digital platforms like online job sites which enable the one labor
market employee to enter in different labor market through this
platform.
how competitive labor markets compare with monopsony labor
markets in terms of wage and level of employment. how a minimum
wage effects employment in each type of labor market and how unions
can offset monopsony markets (bilateral monopoly)
Using a graph, show how each of the following labor markets
(assumed to be competitive and initially in equilibrium) is
affected by the following changes. Explain your reasoning
fully.
1.Labor market for workers who completed high school only.The
workplace becomes more computerized and technically
sophisticated.
2.Labor market for workers who completed college or more.The
workplace becomes more computerized and technically
sophisticated.
1) Suppose two firms operate a duopoly-cartel. They decide they
do not trust each other enough to form a cartel and act like a
monopoly. They agree acting only in their self-interest is harms
them both. By compromising, the price they sell their product as
will be
Select one:
a. equal to the monopoly price
b. less than the monopoly price
c. equal to the perfectly competitive market price
d. more than the monopoly price
2) When total revenue is...
Consider the markets for low-skilled and high-skilled labor in
the United States. Describe how each of the following developments
is likely to affect the wages of low-skilled workers relative to
high-skilled workers.
a) There is an increased demand for apps and smart appliances,
which are produced by high-skilled workers.
b) The government pays employers a subsidy for each low-skilled
worker they employ.
c) Some low-skilled workers get more education, and so become
high-skilled workers.
Connect each classification of cement to its description. Then
connect each description to the correct use of cement. (15
Points)
Classification
Description
Uses
Type I
High Early Strength
Dams and mass concrete
Type II
High Sulfate Resistance
If conditions require or requested
Type III
General Purpose
Grouting
Type IV
Moderate Sulfate Resistance
Special properties not required
Type V
Low Heat of Hydration
Usually adequate for concrete exposed to ground