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Chapter 4: Q.15 (page 104)

Name some factors that can cause a shift in the demand curve in labor markets.

Short Answer

Expert verified

A change in the quantity demanded of the product that labor produces; a change in the production process that uses more or less labor; and a change in government policy that affects the quantity of labor that firms wish to hire at a given wage are all factors that can shift the demand curve for labor.

Step by step solution

01

Definition

Demand curve is graphical illustration of how changes in the price level of goods and services affect the quantity of product demanded.

02

Explanation:

The labor market is the part of the economy that's to blame for supplying labor to the remainder of the economy. A change within the quantity demanded of the merchandise that labor produces; a change within the production process that uses more or less labor; and a change in government policy that affects the number of labor that firms wish to rent at a given wage are all factors that may shift the demand curve for labor.

03

Conclusion

Therefore, demand for output, education, and training, technology, the number of businesses, government laws, and the cost and availability of other inputs are all factors to consider.

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Most popular questions from this chapter

If the government imposed a federal interest rate ceiling of 20% on all loans, who would gain and who would lose?

Table 4.6 shows the amount of savings and

borrowing in a market for loans to purchase homes, measured in millions of dollars, at various interest rates. What is the equilibrium interest rate and quantity in the capital financial market? How can you tell? Now, imagine that because of a shift in the perceptions of foreign investors, the supply curve shifts so that there will be $10 million less supplied at every interest rate. Calculate the new equilibrium interest rate and quantity, and explain why the direction of the interest rate shift makes intuitive sense.

Interest Rate
Qs
Qd
5%
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6%135150
7%140140
8%145135
9%
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10%155110

Name some factors that can cause a shift in the supply curve in labor markets.

29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer.

a. The price of oil rises.

b. New oil-drilling equipment is invented that is cheap and requires few workers to run.

c. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry.

d. Government imposes costly new regulations to make oil drilling a safer job.

Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
See all solutions

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