Q. Submit a 250- to 300-word response addressing two of the following labor scenarios in the new housing market:
A new law requires home builders to hire only union labor. Will this shift the labor supply curve, demand curve or both in home construction? How will this affect wages and number of workers in home construction? How will this affect the cost of building a home (and price of a new home)?
A wave of day laborers with experience in home construction moves into the area. Will this shift the labor supply curve, demand curve or both in home construction? How will this affect wages and number of workers in home construction? How will this affect the cost of building a home (and price of a new home)?
Due to a recession, the demand for the housing market decreases. Will this shift the labor demand curve or supply curve or both? How will this affect the wages and number of workers in home construction?