If a large number of skilled workers retire at about the same time through early retirements or buyouts, what will happen to the wages of skilled workers, other things being equal?
The supply of skilled workers would shift to the left, thereby increasing the wage rates in skilled professions and decreasing the quantity of skilled labor in the marketplace. The higher wage rates would motivate individuals to improve their workplace skills and eventually move into those positions.
You might also like to view...
The data below relates to a pure monopoly and the product it produces. What is the profit-maximizing output and price for this firm?
A. P = $15; Q = 3
B. P = $12; Q = 5
C. P = $18; Q = 2
D. P = $14; Q = 4
Refer to Scenario 6.1. Suppose the friends are forced by government to combine their businesses and share what they make. With this revision to the scenario, the dominant strategy is for Tasha to work ________ and for Gloria to work ________
A) extremely hard; extremely hard B) extremely hard; somewhat hard C) somewhat hard; extremely hard D) somewhat hard; somewhat hard
More flexible labor markets will shift
a. both the long-run Phillips curve and the long-run aggregate supply curve to the right. b. both the long-run Phillips curve and the long-run aggregate supply curve to the left. c. the long-run Phillips curve to the right and the long-run aggregate supply curve to the left. d. the long-run Phillips curve to the left and the long-run aggregate supply curve to the right.
If the price of an input rises, producers are willing to produce
A. the same output at each given price. B. more output at each given price. C. less output at each given price. D. none of the statements associated with this question are correct.