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25 September, 14:04

Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?

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  1. 25 September, 14:10
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    Answer: See explanation below

    Explanation: an increase in the wage costs of steel mills would equate to an increase in the cost of production of steel. This would lead to a corresponding increase in the price of steel as the supply curve moves to the left. If costs go up (wages), less would be produced, sellers are less inclined to supply the same quantity at the current price and this is what shifts it to the left.
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