mircoeconomics question The labor market
Question Description
The Labor Market
- Discuss two factors that would increase demand for labor.
- If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.
- Suppose that some government-sanctioned licensing requirements are lifted (removed) in a particular industry. What would happen to the wage in this market? Explain.
- Do some research on your own. In general, do you think the government should intervene in the labor market? (Be sure to cite your references.)
- Suppose you are the manager of the firm. What advice would you give the owners to raise the productivity of its labor? Be specific in your proposal.
- Several cities across the United States have passed legislation to raise the living wage. How would this policy affect your firm?
- Use the readings from the background page. Make an argument for or against living wages in your city. (Note: the living wage calculator is a useful tool to determine the cost of living where you live).
