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Homework Chapter 4

Homework Chapter 4

Q Question 1 0 / 10 pts The basic tools of supply and demand apply to Question 2 10 / 10 pts Labor markets are different from most other markets because labor demand is Question 3 0 / 10 pts Which of the following best illustrates the concept of "derived demand?" Question 4 0 / 10 pts What causes the labor demand curve to shift? (i) changes in productivity (ii) changes in wages (iii) changes in output prices Question 5 10 / 10 pts Your best friend receives a pay raise at her part-time job from $8 to $10 per hour. She used to work 16 hours per week, but now she decides to work 20 hours per week. For this price range, her labor supply curve is

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1.markets for goods and services and to markets for labor services. 2.a derived demand. 3.An automobile producer's decision to supply more cars will lead to an increase in the demand for automobile production workers. 4.(i) and (iii) 5.upward sloping.