Scenario 19-6 Suppose That in the Competitive Market for Auto Repair, Firms

question 482

Short Answer

Scenario 19-6
Suppose that in the competitive market for auto repair, firms prefer to hire men rather than women. Assume that the women applying for positions have the same skills, experience, and work ethic as the men. As a result of this discrimination, the demand for women is lower than it otherwise would be.
-Refer to Scenario 19-6. Suppose that consumers prefer to have men work on their auto repairs and are willing to pay higher prices to accommodate these preferences. What will happen to the wage differential between men and women?

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Definitions:

Excess Quantity

A situation where the supply of a product exceeds the demand for it.

Consumer Surplus

is the difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay.

Market Price

The immediate rate at which an asset or service can be traded in a specific trading place.

Producer Surplus

The gap between what sellers are prepared to accept for a product or service and the real amount they end up getting.