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Which way will an increase in labor cost shift the supply curve?
An increase in labor cost will decrease supply, so the supply curve will shift left.
How do wages effect on labor supply?
A higher wage will increase the quantity supplied of labor, however it will not affect the entire labor supply curve. As for individual industries, it depends on the specific labor elasticity. If the Supply is inelastic, a relatively large change in wage will yield a relatively small change in quantity supplied. However, if the labor supply is elastic, a relatively small wage increase will return a relatively large quantity increase.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
What happens to the PPF when there is an increase in resources?
An increase in resources, such as a growth in the labor supply or in the capital stock, shifts the frontier outward.
What would happen to supply if demand when up?
supply will increase.
Which way will an increase in labor cost shift the supply curve?
An increase in labor cost will decrease supply, so the supply curve will shift left.
How do wages effect on labor supply?
A higher wage will increase the quantity supplied of labor, however it will not affect the entire labor supply curve. As for individual industries, it depends on the specific labor elasticity. If the Supply is inelastic, a relatively large change in wage will yield a relatively small change in quantity supplied. However, if the labor supply is elastic, a relatively small wage increase will return a relatively large quantity increase.
How does aggregate supply increase when labor supply increases?
When labor supply increases, more workers become available for production, which enhances the capacity of firms to produce goods and services. This increase in available labor can lead to higher output levels, as businesses can operate more efficiently and expand their operations. Additionally, with more workers, firms can take advantage of economies of scale, further boosting aggregate supply. Overall, a larger labor supply contributes to an increase in the overall productive potential of the economy.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
How would an increase in tariffs of copper imports affect the elasticity of demand labor in copper industry?
Supply for copper from outside will decline, Demand for copper locally will increase. More labour needed.
What happens to the PPF when there is an increase in resources?
An increase in resources, such as a growth in the labor supply or in the capital stock, shifts the frontier outward.
What would happen to supply if demand when up?
supply will increase.
What immigration can result in an increase in the supply of labor immigration can result in?
A general decrease in wages. - Apex
How would bimetallism benefit farmers?
It would increse the money supply.
Because immigration can result in an increase in the supply of labor what can immigration result to?
A general decrease in wages. - Apex
Why does an advance in technology increase supply?
because labor's or capital's productivity increases and costs of production fall
An increase in supply will cause?
An increase in supply will cause a decrease in demand. The value of what is being supplied would also drop.
