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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.
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 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.
Why is the equilibrium wage for doctors so high?
The equilibrium wage for doctors is high due to several factors, including the extensive education and training required to enter the profession, which leads to a limited supply of qualified practitioners. Additionally, the demand for healthcare services continues to grow as the population ages and medical advancements increase treatment options. High levels of responsibility and the potential for malpractice liability also contribute to the elevated wages. Finally, the healthcare market often operates with less price sensitivity, allowing for higher compensation.
What happens to the equilibrium wage and quantity of labor if output rises?
The equilibrium wage falls and the equilibrium quantity of labor rises
Why is the equilibrium wage higher for doctors than for convenience store clerks?
The equilibrium wage for doctors is higher than for convenience store clerks primarily due to the significant differences in education, training, and skill requirements. Doctors typically undergo extensive education and residency programs, which limits the supply of qualified candidates, while convenience store clerks require minimal training, resulting in a larger supply of potential workers. Additionally, the demand for healthcare services is generally higher and more inelastic, contributing to higher wages for doctors. In contrast, the labor market for convenience store clerks is more competitive, leading to lower equilibrium wages.
What is a simple definition of equilibrium wage?
In economics, the equilibrium wage is the wage rate that produces neither an access supply of workers nor an excess demand for workers and labor ...en.wikipedia.org/wiki/Equilibrium_wage
Is the effective minimum wage set above below or at the equilibrium level?
The effective minimum wage is typically set above the equilibrium wage level. When the minimum wage exceeds the equilibrium wage, it can lead to a surplus of labor, resulting in unemployment because some employers may not be able to afford to hire as many workers at the higher wage. This situation can create a mismatch between the supply and demand for labor in the market.
