Factor Markets

Supply increases as workers require higher gross wages to compensate for their perceived share of taxes paid by employers.

Supply decreases immediately but may shift back if net wages are adjusted upwards over time through collective bargaining or legislation reforming tax policy.

The supply of labor does not shift; instead, there is movement along the supply curve due to lower net wages received by employees.

There’s an outward shift in supply as more individuals enter the workforce seeking employment despite lower take-home pay due to fixed costs of living expenses they need to cover.

The supply curve shifts leftward, indicating a smaller available workforce.

Demand for skilled labor shifts leftward, resulting in higher unemployment rates among skilled workers.

The supply curve shifts rightward, leading to potentially lower equilibrium wages.

Equilibrium quantity of labor falls due to decreased need for individual workers' services.

Utility maximization

Scarcity

Opportunity cost

Elasticity

Quantity demanded exceeds quantity supplied, creating excess job vacancies.

The equilibrium wage increases without any impact on unemployment rates or job vacancies.

The demand curve for labour shifts rightward matching new supply levels preventing unemployment effects.

Quantity of labor supplied exceeds quantity demanded, creating unemployment.

Different combinations of resources that produce the same level of output

Different combinations of resources that maximize benefits

Different combinations of resources that minimize costs

Different combinations of resources that lead to inefficiency

The wage rate increases as firms compete for more workers.

The wage rate fluctuates unpredictably because of external market factors.

The wage rate remains unchanged as worker productivity stays constant.

The wage rate decreases as firms benefit from increased productivity.

Solely government-imposed employment quotas.

The marginal product of labor compared to wage rate.

Only the educational background of potential employees.

Just the age distribution within their current workforce.

Demand would decrease, shifting the demand curve for unskilled labor leftward.

Demand would increase as companies expand with new technology investments.

Supply would decrease since unskilled workers might seek different jobs or training.

Supply would increase because of higher productivity associated with technology use.

Total hours worked will increase.

Total hours worked will decrease.

Total hours worked will remain unchanged.

The relationship between wages and total hours worked cannot be determined.

A monopoly on employment

A price taker in the labor market

Wage discrimination

A price searcher in the labor market