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MasterPriapis MasterPriapis
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A year ago
The following figure shows curves for labor demand and labor supply.




Refer to the figure above. Why might we observe the wage rate to be at WH rather than at WM?

▸ Companies may have found that they can increase their returns from investments in labor by paying the higher wage.

▸ New technological inventions may have driven up the wage rate.

▸ The market clearing wage rate is at WH.

▸ By federal law, the minimum wage is set at WL.
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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firebug210firebug210
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A year ago
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MasterPriapis Author
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A year ago
Thanks
jamesbove
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Yesterday
Thank you, thank you, thank you!
karamsidhu1
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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