Leo runs a bicycle repair shop. he recently examined his information on wage and employment levels and noted that he employed the same number of workers in 2009 as he did in 2013. however, real wages (controlling for inflation) increased quite substantially between 2009 and 2013. assume the supply of labor remained constant over this time period. which of the following are two possible explanations for why leo's workers were paid more in 2013?
instructions: you may select more than one answer. click the box with a check mark for correct answers and click to empty the box for the wrong answers.
1. there was a larger labor force in 2013 than in 2009 marginal product decreased during this time (workers are less productive). ?
2. marginal product increased during this time (workers are more productive). the price of repairing a bicycle was higher in 2013 than in 2009. ?
3.there was a smaller labor force in 2013 than in 2009. ? the price of repairing a bicycle was higher in 2009 than in 2013
Answers: 1
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Leo runs a bicycle repair shop. he recently examined his information on wage and employment levels a...
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