15. The pandemic of 2020 affected firms willingness to hire workers, initially shifting the labor demand curve
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15. The pandemic of 2020 affected firms’ willingness to hire workers, initially shifting the labor demand curve sharply to the left.
a. Work out the consequences of this labor demand shift on an economy with a downward rigid wage.
Use your graphical analysis to describe the change in equilibrium employment and the change in the number of unemployed workers.
b. What happens when the labor demand curve eventually shifts back out to the right as the economy starts to recover? Does the rightward shift in the labor demand curve raise wages?
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