Suppose that the local hospital claims that the wages of nurses are too high. Yet, the hospital has 10 nursing positions open and no applicants for the jobs. Is the hospital's claim legitimate? Why or why not?
What will be an ideal response?
No. Since the quantity of nurses demanded is greater than the quantity supplied, there is a shortage of nurses. Thus, the wage currently paid to nurses must be below the market equilibrium wage.
Economics
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Which of the following is one of the BRIC nations?
A) Indonesia B) Bangledesh C) Chile D) Belgium E) Russia
Economics
The amount by which imports increase when income goes up by one dollar is called
A. the marginal propensity to import. B. the marginal propensity to consume. C. the spending multiplier. D. the money multiplier.
Economics