The demand and supply of labour in a certain industry are described by the following equations: Nd = 400 – 2w  and Ns = 240 + 2w, where Nd is the number of workers employers want to hire, and Ns is the number of people willing to work.  Both labour demand and labour supply depend on the real wage w, which is measured in dollars per day. Suppose that government has decided to impose a minimum wage at $50 per day.  What will be the resulting change in (un)employment?

Which of the following will cause a decrease in the demand for labor at any given real wage?

An decrease in the minimum wage will tend to cause which of the following?Group of answer choicesAn increase in the quantity demanded of laborAn increase in the number of workers employedAn increase in the quantity supplied of laborA reduction in poverty

The following table models labor supply and demand (in thousands of people).Wage Quantity Supplied Quantity Demanded15 120 13020 130 13525 140 14030 150 14535 160 150Due to COVID-19, the labor demand curve shifts. The new demand can be modeled as follows.Wage Quantity Demanded15 11020 11525 12030 12535 130In the short run, wages are sticky and remain the same as before the pandemic. What is the decline in the number employed?

Assume a labour market for fruit picking, where the wage rate is determined by the demand and supply of labour. Describe what will happen to the wage and the quantity of labour employed in the labour market with the following government policies based on union pressure. a) A restriction on the number of backpackers allowed in Australia. b) A legally required increase in the minimum wage of 10%. c) The imposition of minimum requirement for locally produced fruits to be used by Australian jam producers. d) The imposition of a sales tax on fruits imported from overseas.

According to the labor supply and demand model, as the real wage rises,ResponsesA workers are willing to provide less labor, and employers are willing to provide more jobs.workers are willing to provide less labor, and employers are willing to provide more jobs.B workers are willing to provide less labor, and employers are willing to provide fewer jobs.workers are willing to provide less labor, and employers are willing to provide fewer jobs.C workers are willing to provide more labor, and employers are willing to provide fewer jobs.workers are willing to provide more labor, and employers are willing to provide fewer jobs.D workers are willing to provide more labor, and employers are willing to provide more jobs.