In a labor market a higher wage tends to attract workers, Ask an Expert

Economics

in a labor market a higher wage tends to attract workers away from other industries and to cause persons preparing to enter the labor force to get appropriate education and training for the higher wage occupation and the quantity of labor supplied increases over time.

Suppose the market for autoworkers is in equilibrium when the automakers purchase capital goods to produce more fuel efficient automobiles and these capital goods are a substitute for workers. What happens in market for autoworkers?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9747590

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