Posted by Anonymous on Sunday, March 16, 2008 at 5:11pm.
What is the non-price factor affecting the following problem?
Event: Substantially higher wages are paid to hospital employees with no increase in their productivity
The Non-Price Factors:
2. Production Costs
5. Expectations of Producers
6. Number of Producers
7. Level of Competition
Level of competition because a small percentage of people are interested in working in hospitals and causes a decrease in employment, which means low competition. By increasing the wages, perhaps more people are willing to pursue a career in hospitals and increase the competition.
Is my answer correct?
Economics - Ms. Sue, Sunday, March 16, 2008 at 5:23pm
I think you're right, except, if more people want a career in hospitals, won't that decrease the competition for employees?
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