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What is one explanation for why this labor supply curve is upward sloping? Firms are willing to hire fewer secretaries at a higher wage. Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure decreases as wages decrease. Unemployment benefits are steadily declining.

What is one explanation for why this labor supply curve is upward sloping? Firms are willing to hire fewer secretaries at a higher wage. Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure decreases as wages decrease. Unemployment benefits are steadily declining.

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter12: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 12CQ
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What is one explanation for why this labor supply curve is upward sloping? O O OO Firms are willing to hire fewer secretaries at a higher wage. Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure decreases as wages decrease. Unemployment benefits are steadily declining.
Transcribed Image Text:What is one explanation for why this labor supply curve is upward sloping? O O OO Firms are willing to hire fewer secretaries at a higher wage. Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure decreases as wages decrease. Unemployment benefits are steadily declining.
In Dallas, 140 people are willing to work an hour as secretaries if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 35 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for secretaries on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 25 20 15 10 5 0 0 35 + 70 + 245 + 105 140 175 210 LABOR (Number of workers) + 280 + 315 350 O Supply (?)
Transcribed Image Text:In Dallas, 140 people are willing to work an hour as secretaries if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 35 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for secretaries on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 25 20 15 10 5 0 0 35 + 70 + 245 + 105 140 175 210 LABOR (Number of workers) + 280 + 315 350 O Supply (?)
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