5. (10 points) If the labor market behaves as if an impersonal auctioneer were present, like the goods market in Chapter

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5 10 Points If The Labor Market Behaves As If An Impersonal Auctioneer Were Present Like The Goods Market In Chapter 1 (23.28 KiB) Viewed 20 times

5. (10 points) If the labor market behaves as if an impersonal auctioneer were present, like the goods market in Chapter 3, explain how each of the following events affect the equilibrium real wage rate and the equilibrium level of employment (use graphs to facilitate/illustrate your answers): a. a decrease in the productivity of workers b. a decrease in the work-age population c. an decrease in social welfare programs (e.g.: less generous government assistance to the poor and elderly)