Labor Markets

Multiple Choice Questions

After watching the Labor Markets video lecture, consider the question(s) below. Then “submit” your response.

Question

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Question

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Question

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Question

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Question

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Question

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Question

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Question

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Question

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Question

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True/False Questions

After watching the Labor Markets video lecture, consider the question(s) below. Then “submit” your response.

Question

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Question

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Question

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Short Answer/Discussion Questions

After watching the Labor Markets video lecture, consider the question(s) below. Then “submit” your response.

Question

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Suggested solution: Given a firm is interested in maximizing its profits, it will hire employees so long as the additional revenue generated by the employee exceeds to cost of the employee to the firm. The cost of an employee is the wage. The additional revenue for the firm is the additional physical output the firm can produce by employing an additional worker (marginal physical product) multiplied by the product’s price; this is known as the marginal revenue product.

Question

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Suggested solution: This situation would be the result of a segmented labor market. Differences in pay for the same work can be caused by neutral factors such as seniority, education or experience. Pay differences can also be caused by employer economic discrimination based on factors such as race, gender or age. Employers might also pay higher than market wages to avoid employee turnover in employment situations with high training costs.

Question

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Suggested solution: Since demand for labor is derived from the demand for the products that the labor produces, anything that increases the demand for a firm’s products will, in turn, increase the demand for the labor to produce the product. In addition, a firm may develop new technology or business process that makes labor more productive and that lowers the cost of production. Since this may enable the firm to charge less for its product, increasing the volume sold, the demand for labor may increase.