Question
1. how do we define a movement along the labor supply curve versus a shift in the labor supply curve? 2. name two major social
1. how do we define a movement along the labor supply curve versus a shift in the labor supply curve?
2. name two major social norms that have a great effect on the supply of labor in the past twenty years.
3. china has a large and growing population. what does this mean in terms of its labor supply curve?
4. if the u.s. immigration rate from other countries increases, what does that do to the labor supply rate of the countries of the immigrants who come to the u.s.?
5. opportunities can make changes in the labor supply curve. think of an analogy about opportunities that is similar to what would happen if more people started to prefer chocolate ice cream rather than chocolate chip cookies for desert. explain your example.
6. given the substitution effect dominates the income effect, when a worker's wage rate increases, what is the effect on the labor supply curve?
7. what kind of a change to the labor supply curve does a decrease in wealth cause to a labor supply curve? explain.
8. what determines equilibrium in the labor market?
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