Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.

-What is meant by the labour force supply?
A)It is the total number of people over 15 who are willing and able to work.
B)It is the total number of people between 15 and 65 who are willing and able to work.
C)It is the total number of hours that those in the labour force are willing to work.
D)It is the total number of people over 15 who have paid employment.

Question

Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.
 
-What is meant by the labour force supply?
A)It is the total number of people over 15 who are willing and able to work. 
B)It is the total number of people between 15 and 65 who are willing and able to work. 
C)It is the total number of hours that those in the labour force are willing to work. 
D)It is the total number of people over 15 who have paid employment.

Quizplus · Accepted Answer

The Answer of Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.
 
-What is meant by the labour force supply?
A)It is the total number of people over 15 who are willing and able to work. 
B)It is the total number of people between 15 and 65 who are willing and able to work. 
C)It is the total number of hours that those in the labour force are willing to work. 
D)It is the total number of people over 15 who have paid employment.

Below Is a Graphical Illustration of Nearly Done Inc