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First Name
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bbernnanke2134@stu.d214.org
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1. What two factors affect the demand for labor?
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2. How does MRP affect the demand for labor?
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3. Why is the demand for labor downward sloping?
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4. What determines the market supply of labor?
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5. Why is the market supply curve for labor upward sloping?
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6. What is the equilibrium wage in this labor market?
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7. How many workers will be hired in this labor market?
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8. If a minimum-wage law raises the minimum wage to $4.00 an hour, what quantity of labor will be supplied?
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9. At a minimum wage of $4.00 an hour, what quantity of labor will be demanded?
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10. How many workers would be laid off or would lose their jobs because of this minimum wage?
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11. How many workers entered the labor force seeking a job because of this minimum wage?
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12. If the demand for labor were more inelastic, would more or fewer workers lose their jobs because of this minimum wage?
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13. Would skilled or unskilled workers be more likely to lose their jobs because of a minimum-wage law?
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14. Who benefits from the minimum wage?
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15. Who is hurt by the minimum wage?
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16. Do you favor a higher minimum wage? Why or why not?
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