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Question: Refer to the diagram below to answer to the following questions (57-59).  When the relevant labor...

Show transcribed image text Refer to the diagram below to answer to the following questions (57-59). When the relevant labor demand curve is D_1 and the labor market is in equilibrium. a. the value of the marginal product of labor to firms is less than W_1. b. the opportunity cost of leisure to workers is greater than W_1. c. the wage is W_1. d. All of the above are correct. The shift of the labor demand curve from D_1 to D_2 could possibly be explained by a. a change in workers' attitudes toward the work-leisure tradeoff. b. decreases in wages in other labor markets. c. an increase in the price of firms' output. d. All of the above are correct. If the relevant labor demand curve is D_1 and the current wage is W_1. a. there is a surplus of labor. b. there is a shortage of labor. c. the quantity of labor supplied exceeds the quantity of labor demanded. d. workers are failing to take into account the work-leisure tradeoff in deciding what of labor to supply at alternative wages.

Refer to the diagram below to answer to the following questions (57-59). When the relevant labor demand curve is D_1 and the labor market is in equilibrium. a. the value of the marginal product of labor to firms is less than W_1. b. the opportunity cost of leisure to workers is greater than W_1. c. the wage is W_1. d. All of the above are correct. The shift of the labor demand curve from D_1 to D_2 could possibly be explained by a. a change in workers' attitudes toward the work-leisure tradeoff. b. decreases in wages in other labor markets. c. an increase in the price of firms' output. d. All of the above are correct. If the relevant labor demand curve is D_1 and the current wage is W_1. a. there is a surplus of labor. b. there is a shortage of labor. c. the quantity of labor supplied exceeds the quantity of labor demanded. d. workers are failing to take into account the work-leisure tradeoff in deciding what of labor to supply at alternative wages.