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Economics

Problem

Suppose that fast-food chains start using healthier ingredients, increasing the demand for fast food and therefore for food-service workers, as shown in Figure 16P-3.

a. What are the new equilibrium wage and quantity of labor in the fast-food industry?

b. Assume that the skills required of a sales clerk at a retail store are similar to those required of workers at a fast-food restaurant. If workers are completely indifferent between fast-food jobs and retail-sales jobs, what will be the wages for sales clerks?

1522_Figure 16P-3.jpg

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92758045

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