LABOUR MARKETS

Question 1

Marginal revenue product curve

Answer 1

Question 2

Labour market demand and supply in a competitive labour market

Answer 2

Question 3

Unemployment as a result of a minimum wage in a competitive labour market

Answer 3

Question 4

Labour market: Increase in the labour supply and the impact on equilibrium

Answer 4

Question 5

Labour market: Decrease in labour supply and the impact on equilibrium

Answer 5

Question 6

Labour market: increase in labour demand

Answer 6

Question 7

Labour market: decrease in labour demand and the impact on equilibrium

Answer 7

Question 8

Impact on employment and unemployment of a trade union gaining a wage increase

Answer 8

Question 9

Labour market: impact of trade union wage causing a fall in employment (Q1 to Q2)

Answer 9

Question 10

Labour market: Impact of an increase in the National Living Wage (new excess supply of labour =QdQs = real wage unemployment)

Answer 10

Question 11

Monopsony labour market, without equilibrium indicated

Answer 11

Question 12

Wage elastic and inelastic labour demand and supply

Answer 12