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Chapter 4: Q. 13 (page 104)
What is the 鈥減rice鈥� commonly called in the labor
market?
Price is commonly called Wage.
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Name some factors that can cause a shift in the
supply curve in labor markets.
If a usury law limits interest rates to no more than 35%, what would the likely impact be on the amount of loans
made and interest rates paid?
Identify the most accurate statement.
A price floor will have the largest effect if it is set:
a. substantially above the equilibrium price. b. slightly above the equilibrium price.
c. slightly below the equilibrium price.
d. substantially below the equilibrium price.
Sketch all four of these possibilities on a demand and supply diagram to illustrate your answer
Name some factors that can cause a shift in the demand curve in labor markets.
Imagine that to preserve the traditional way of life in small fishing villages, a government decides to impose a price floor that will guarantee all fishermen a certain price for their catch.
a. Using the demand and supply framework, predict the effects on the price, quantity demanded, and quantity supplied.
b. With the enactment of this price floor for fish, what are some of the likely unintended consequences in the market?
c. Suggest some policies other than the price floor to make it possible for small fishing villages to continue.
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