When the price of houses increases, the wage rates for housing construction workers increase. What is the connection?
Answer to relevant QuestionsWhat is the relationship between the law of diminishing returns and the downward slope of the marginal physical product curve? Suppose Zambian farmers begin to use more insecticides and chemical fertilizers. What impact would such uses, if successfully adopted, have on Zambian farm wage rates? Show what happens to the demand curve for labor when the price of gloves falls to $6. What happens when the price increases to $20? Compare closed and union shops. If you were an employed union member, which type of shop would you prefer? Why? If you were a job seeking nonunion worker, which type of shop would you prefer? Why? The market for loanable funds is described in the following demand and supply schedule. Suppliers of loanable funds would prefer 14 per cent to any other interest rate in the table. But 14 percent is not what they will ...
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