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Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of ...

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Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of ...

Question 1.

Suppose the government enacts legislation which reduces the amount of legal immigration into the country. What is likely to happen to the equilibrium wage and quantity of labor?

• The equilibrium wage and the equilibrium quantity of labor rise.

• The equilibrium wage and the equilibrium quantity of labor fall.

• The equilibrium wage falls and the equilibrium quantity of labor rises.

• The equilibrium wage rises and the equilibrium quantity of labor falls.

Question 2.

Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of pilots if the government enforces a lower mandatory retirement age, say from age 65 to age 62?

• The equilibrium wage and the equilibrium quantity of pilots rise.

• The equilibrium wage and the equilibrium quantity of pilots fall.

• The equilibrium wage falls and the equilibrium quantity of pilots rises.

• The equilibrium wage rises and the equilibrium quantity of pilots falls.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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