Question

In: Economics

In a labor market graph, _____ is measured on the vertical axis, and _____ is measured...

In a labor market graph, _____ is measured on the vertical axis, and _____ is measured on the horizontal axis.

product price; number of workers

number of workers; product price

wage; hours of labor

hours of labor; wage

Solutions

Expert Solution

The labor market graph shows the relationship between the wages of labor and the hours of labor. The wages are measured on the vertical axis and the hours of labor on the horizontal axis. Therefore, the correct answer is 'Option C'.

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

Graph a labor supply curve with an upward-sloping labor supply. Label the vertical axis as “wage...
Graph a labor supply curve with an upward-sloping labor supply. Label the vertical axis as “wage rate” and the horizontal axis with “Quantity of labor” a. Place these two points on the curve: {wage= $10, quantity = 30} and {wage = $12, quantity = 45}. Calculate the labor supply elasticity.Label this curve as “Curve A” b. Now, assume that something has changed the labor supply curve so that now the line has a different slope. On this new curve are...
Assume the labor market is in equlibrium (a) With wages on the vertical axis and employees...
Assume the labor market is in equlibrium (a) With wages on the vertical axis and employees on the horizontal axis, draw the supply and demand curves and show the optimal wage (w∗) and employment level (E∗). Now, assume the government has introduced a tax on employers. Show graphically what will happen in the short-run (one shift) and in the long-run (two shifts). What happened to the equilibrium wage and employment after each shift? (b) Draw a new graph using the...
assume that food is measured on the horizontal axis and clothing on the vertical axis. if...
assume that food is measured on the horizontal axis and clothing on the vertical axis. if the price of food increases relative to that of clothing, the budget line will.... a- become flatter b- becom steeper c- shitf outward d-become steeper or flatter depending on the relationship between price and income. e- none of the above Every optimal choice point - Indicates a point on the income consumption curve - represents tangency - maximizes demand - all if the above...
Suppose labor is on the horizontal axis and capital is on the vertical axis. If the...
Suppose labor is on the horizontal axis and capital is on the vertical axis. If the wage rate is $15 per worker per hour and the rental rate of capital is $10 per unit per hour, what is the slope of the isocost curve? A. Option A: –0.667 B. Option B: –15 C. Option C: –10 D. Option D: –1.5
Draw a graph with leisure on the horizontal axis and income onthe vertical axis. Assume...
Draw a graph with leisure on the horizontal axis and income on the vertical axis. Assume 320 discretionary hours in a month, that can be used for labor or leisure, and that the wage is $13 an hour. Draw the budget constraint, and an indifference curve corresponding to choosing a full time 160 hour a month job. Label earnings. Assume the family would qualify for $785 in TANF benefits each month if hours of labor are zero. The program offers...
If good X is measured on the horizontal axis and good Y on the vertical, what...
If good X is measured on the horizontal axis and good Y on the vertical, what can you say about the preferences of someone whose indifference curves are parallel to the Y axis? positively sloped with more desirable indifference curves as one moves to the right? negatively sloped with more desirable indifference curves as one moves to the left? L-shaped with one line of the L shape parallel to X axis and the other line of the L shape parallel...
Draw a graph with the inflation rate on the Y (vertical) axis and unemployment rate on...
Draw a graph with the inflation rate on the Y (vertical) axis and unemployment rate on the X (horizontal) axis. Plot the points to illustrate the following scenario: The inflation rate is 5%, and the unemployment rate is 4% (Point A). The government takes measures to reduce inflation to 2%, and the unemployment rate rises to 7% (Point B).
In the following figure, the number of parties that Cassanova gives per month is measured on the horizontal axis, and dollars are measured on the vertical.
In the following figure, the number of parties that Cassanova gives per month is measured on the horizontal axis, and dollars are measured on the vertical. MCp is the marginal cost of providing parties and MBp is Cassanova’s marginal benefit schedule from having parties. a. Graphically, show how many parties Cassanova will host.b. Suppose there is a fixed marginal external benefit, $ b , per party to Cassanova’s friends. Illustrate this on your graph.c. What is the socially (no pun...
When the money market is drawn with the value of money on the vertical axis, an...
When the money market is drawn with the value of money on the vertical axis, an increase in the price level causes a a. shift to the right of the money demand curve. b. shift to the left of the money demand curve. c. movement to the left along the money demand curve. d. movement to the right along the money demand curve. Answer is D, but why? What's the difference between a shift versus a movement? What concepts need...
Assume you are reviewing a graph depicting earnings per share (EPS) on the vertical axis and...
Assume you are reviewing a graph depicting earnings per share (EPS) on the vertical axis and earnings before interest (EBI) on the horizontal axis. Data points for both a levered and an unlevered firm are displayed. Given this, which statement accurately describes this graph? The unlevered firm has a greater reaction to a change in EBI than does the levered firm. Debt becomes a greater disadvantage to a firm as EBI increases. When earnings exceed the breakeven point, the levered...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT