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Wage Rigidity and Unemployment

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Questions and Answers

What is the primary consequence of a real wage being above the equilibrium level?

Workers are more likely to actively search for jobs

Firms are incentivized to hire more workers

Labor demand exceeds labor supply

The quantity of labor supplied exceeds the quantity demanded (correct)

Structural unemployment occurs when

there is a mismatch between labor supply and demand (correct)

workers are actively searching for better jobs

the minimum wage is set too low

firms have a surplus of labor

What is the expected response of firms when the labor supply exceeds labor demand?

Raise wages to attract more workers

Lower wages to reduce labor costs (correct)

Increase the number of jobs available

Maintain the current wage level

Which of the following is NOT a cause of wage rigidity?

Labor market equilibrium Signup and view all the answers

What is the result of firms rationing scarce jobs among workers?

Reduced structural unemployment Signup and view all the answers

Which type of unemployment occurs when workers are not actively searching for jobs but are waiting for jobs to open up?

Structural unemployment Signup and view all the answers

Wage Rigidity and Unemployment

Choose a study mode

Podcast

Questions and Answers

What is the primary consequence of a real wage being above the equilibrium level?

Structural unemployment occurs when

What is the expected response of firms when the labor supply exceeds labor demand?

Which of the following is NOT a cause of wage rigidity?

What is the result of firms rationing scarce jobs among workers?

Which type of unemployment occurs when workers are not actively searching for jobs but are waiting for jobs to open up?

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