The willingness and ability to work specific amounts of time at alternative wage rates is known as
A)Labor supply.
B)Labor demand.
C)Derived supply.
D)Derived demand.

Question

Quizplus · Accepted Answer

The definition of labor supply includes the willingness and ability to work specific amounts of time at alternative wage rates. Option B is incorrect because labor demand refers to the amount of labor that employers wish to hire at different wage rates. Option C (Derived supply) and Option D (Derived demand) are not correct as they are economics concepts related to product markets, not labor markets.

The Willingness and Ability to Work Specific Amounts of Time