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Ch. 15 - Markets for the Factors of ProductionWorksheetSee all chapters

# Shifts in Labor Supply

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Sections
The Production Function and Marginal Revenue Product
Demand for Labor in Perfect Competition
Shifts in Labor Demand
Supply of Labor in Perfect Competition
Shifts in Labor Supply
Differences in Wages
Discrimination
Other Factors of Production: Land and Capital
Unions
Monopsony
Bilateral Monopoly

Concept #1: Shifts in Labor Supply

Practice: A low birthrate in Japan led to a general increase in the age of the population in the country. During the 1990s, this led to a decrease in the number of working age people in Japan. What would we expect to occur in the labor market?

Practice: The wages paid to pastry and sous chefs are $15 and$25, respectively. If pastry and sous chefs are alternative opportunities and the sous chef wage increased to \$30, what would occur in the labor market for pastry chefs?