Consider the Labor Market for Computer Programmers

question 539

Multiple Choice

Consider the labor market for computer programmers. Because of the dot.com boom in the late 1990s, a lot of workers went to school to learn how to write computer code for one of thousands of new dot.com companies. However, when these computer programming students graduated the dot.com bust took place. The dot.com bust decreased the value of the marginal product of computer programmers. Holding all else equal what effect did these two circumstances have on the equilibrium quantity in the labor market for computer programmers?

• A)The equilibrium quantity of labor increased.
• B)The equilibrium quantity of labor decreased.
• C)The equilibrium quantity of labor did not change.
• D)It is not possible to determine what happens to the equilibrium quantity of labor.

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Definitions:

Normally Distributed

A type of distribution where data points are symmetrically distributed, forming a bell-shaped curve, with most values clustering around the mean.

Conservation Measures

Actions and policies implemented to preserve natural environments, protect wildlife, and conserve resources for future generations.

Normally Distributed

A probability distribution with symmetry around the mean, signifying that data points nearest to the mean are encountered more often than those further out.

Potential Employees

Individuals who are considered possibilities for employment within an organization, typically evaluated during the recruitment process.