Suppose that a new invention decreases the marginal productivity of labor, shifting labor demand to the left. Such an invention would be an example of
a. labor-saving technology.
b. labor-augmenting technology.
c. revenue technology.
d. supply-shifting technology.
a
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The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, then there will be
A) unemployment of 200 workers. B) a surplus of 200 workers. C) unemployment of 400 workers. D) a surplus of 400 workers. E) no unemployment of workers and no surplus of workers.
If stricter immigration laws are imposed and many foreign workers in the United States are forced to go back to their home countries,
A) we will move down along the long-run aggregate supply curve. B) we will move up along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.