If Congress were to increase the minimum age at which people can receive Social Security benefits...

If Congress were to increase the minimum age at which people can receive Social Security benefits by five years, it would be expected that: Question 16 options: a) the demand for workers would rise. b) the supply of labor would increase. c) equilibrium wage rates would rise. d) fewer workers would want to obtain a college education.

Which situation is least likely to be an example of labor discrimination? Question 18 options: a) a restaurant that hires only young female servers b) women earning less money in a career that offers flexible work hours c) senior citizens finding difficulty in pursuing new careers d) employers screening out candidates based on candidates' names

A monopsony hires workers up to the point at which the: Question 19 options: a) wage exceeds the VMP. b) wage equals the VMP. c) MFC equals the VMP. d) wage exceeds the MFC.

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Expert Solution

Q 16. If the minimum age to receuve social security benefits is increased by 5 years, then (a) the demand for workers would rise. This is because it will be beneficial for firms to now hire more workers at a reduced cost (reduced by the amount of socual security they would have paid before the new law).

Q18. (d) Employee screening out candidates based on the candidate's names is the least likely form of labour discrimination.

Q19. A monopsony hires workers up to the point where (c) The marginal factor cost equals the value of the marginal product.

Rahul Sunny answered 1 year ago

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