Firms should hire workers until the a value of the

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Chapter 18 / Exercise 6
Exploring Economics
Sexton
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Firms should hire workers until the ____________. A. value of the marginal product of labor is at least as great as the wage paid. B. marginal product of labor is at least as great as the price of the good. C. value of the marginal product of labor is at least as great as the price of the good. D. marginal product of labor is at least as great as the wage paid.
The labor demand curve shows the quantity of labor demanded will as (1) . increase This results in a labor demand curve that is (2) . When there , the supply of labor will ____________. is an increase in acceptance for people taking 5 or 6 years to earn their college degrees instead of 4 years
When there , the supply of labor will ____________. are changes that improve the quality and value of leisure time
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Chapter 18 / Exercise 6
Exploring Economics
Sexton
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10/21/2016 HW 6. Employment and Unemployment­Penglong Zhang 12. The graph on the right shows a labor market in equilibrium. Using the graph, demonstrate the impact of in the wage rate to $ per hour. Assume all other factors in the economy are constant. an increase 14 1.) Using either the line drawing tool or the arrow drawing tool , illustrate the impact on labor demand of in the wage rate to $ per hour. (Use the line drawing tool to illustrate a shift in demand or the arrow tool to illustrate a movement along the demand curve.) Label your curve 'New demand.' an increase 14 2.) Using either the line drawing tool or the arrow drawing tool , illustrate the impact on labor supply of in the wage rate to $ per hour. (Use the line drawing tool to illustrate a shift in supply or the arrow tool to illustrate a movement along the supply curve.) Label your curve 'New supply.' an increase 14 Carefully follow the instructions above and only draw the required objects. If this market were frictionless and could adjust freely, then over time we would expect ____________. Quantity of labor Wage
­us/econ 7/11 13.

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