ch.9 sec.2 assessment

What generally happens to the equilibrium wage when (a) demand for workers and supply is high; (b) demand for workers is high and supply is low?

(A) the wage for workers will decrease, because there are so many people who want a job (B)the wage for workers would increase because there are far few people looking for that job

How do the laws of supply and demand affect the labor market?

A body of research shows that while such increases might raise the wages of some workers, it would also eliminate jobs for others.

how does skilled labor differ from professional labor? Give an example of each

skilled labor requires specialized training and skills Professional labor requires advanced skills and education

How do minimum wage and safety laws effect wages?

workers are willing to work for lower wages when jobs are safer