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UTK ECON 211 EXAM 4 2024

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UTK ECON 211 EXAM 4 2024 Competitive Labor Markets ️- similar to competitive product markets -many buyers and sellers - a homogeneous product - easy entry and exit - workers are regarded as equally productive - information is widely available and accurate Supply of Labor ️the time an indiv...

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  • August 16, 2024
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  • UTK ECON 211 EXM 4 2024
  • UTK ECON 211 EXM 4 2024
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UTK ECON 211 EXAM 4 2024
Competitive Labor Markets ✔️- similar to competitive product markets

-many buyers and sellers

- a homogeneous product

- easy entry and exit

- workers are regarded as equally productive

- information is widely available and accurate



Supply of Labor ✔️the time an individual is willing to work at various wage rates



"Income" Effect ✔️- dominates substitution effect at higher wages

- workers choose fewer hours when wages rise

- and more hours when wages fall



"Substitution" Effect ✔️- dominates income effect at lower wages

- workers choose more hours as wages rise (opportunity cost of leisure rises)



Market Labor Supply Curve ✔️- positively sloped

- higher wages attract more workers



Causes for Shifts in Labor Supply ✔️- demographic changes (population, labor force participation rate)

- nonwage aspects of jobs (safety, flexibility)

- wages in alternative jobs (move to industry with higher wage)

- nonwage income (stocks, rental properties, interest, inheritance, etc. FIRE = financial independence
retire early)



Economic Discrimination ✔️- workers of equal ability and productivity are paid different wages or are
otherwise discriminated against

- result: members of different groups are segregated into different occupations

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