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MasterPriapis MasterPriapis
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5 months 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
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firebug210firebug210
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5 months ago
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Companies may have found that they can increase their returns from investments in labor by paying the higher wage.
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MasterPriapis Author
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5 months ago
Correct Slight Smile TY
smdavis
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Yesterday
Smart ... Thanks!
shelbycox
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2 hours ago
Thanks for your help!!
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