Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor. Use the readings and/or the internet for examples.

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anny93Lv10

29 Jan 2023

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Related questions

Many factors determine the supply and demand for labour. Identify and explain two factors that would increase or decrease the demand for labour. Identify and explain two factors that would increase or decrease the supply of labour. Your answer should include a discussion on marginal revenue product. I believe it would be difficult to answer this question correctly without referring to that topic. One way to approach this question would be:

1. Define marginal revenue product, and then discuss how this can change. Then relate this to the change in demand for labour.

2. Explain the determinant of labour supply. Explain what might change one of these determinants.

When answering this question would be a good time to review the difference between a change in quantity demanded and a change in demand and the difference between a change in quantity supplied and a change in supply. Remember, wage rates[theprice to rent labour] will not affect either the supply or the demand for labour!

amaranthdog776

How would each of the following factors be likely to affect the economywide supply of labor?

a) The mandatory retirement age is increased.

	The supply of labor would increase.
	The supply of labor would decrease.
	The supply of labor would remain unchanged.

b) Increased productivity causes real wages to rise.

	The supply of labor would decrease.
	The supply of labor would remain unchanged.
	The supply of labor would increase.

c) War preparations lead to the institution of a national draft, and many young people are called up.

	The supply of labor would remain unchanged.
	The supply of labor would increase.
	The supply of labor would decrease.

d) More people decide to have children (consider both short-term and longterm effects).
Short-run
Long-run

e) Social Security benefits are made more generous.