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What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
When the wage rate paid to labor is below equilibrium?
When the wage rate paid to labour is below equilibrium wage, then labour is undersupplied. As firms require more labour to maximise their profit, they will slowly raise their wage rate (because revenue from labour > costs) until the equilibrium level is achieved (since no more profit is achieveable at this level).
What generally happens to the equilibrium wage when demand for workers is low and supply is high?
Wage goes down.
What generally happens to the equilibrium wage demand for workers is high and supply is low?
Wage goes down.
What is the result of a high equilibrium wage?
an extra demand for workers
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
What happens to the equilibrium wage when the demand for workers is high and supply is low?
Wage goes down.
What happens when demand for workers is high and supply is low to the equilibrium wage?
Wage goes down.
When the wage rate paid to labor is below equilibrium?
When the wage rate paid to labour is below equilibrium wage, then labour is undersupplied. As firms require more labour to maximise their profit, they will slowly raise their wage rate (because revenue from labour > costs) until the equilibrium level is achieved (since no more profit is achieveable at this level).
What is the definition of equilibrium?
Balance
What generally happens to the equilibrium wage demand for workers is high and supply is low?
Wage goes down.
What generally happens to the equilibrium wage when demand for workers is high and supply is low?
Wage goes down.
What generally happens to the equilibrium wage when demand for workers is low and supply is high?
Wage goes down.
What is the result of a high equilibrium wage?
an extra demand for workers
What is the result of high equilibrium wage?
an extra demand for workers
What happens when wages are set above the equilibrium level by law?
Firms employ fewer workers than they would at the equilibrium wage.
What forces determine the equilibrium wage?
The critical time is a politent of social workers.
