The supply of labor in the classical system is a function of the
A)marginal product of labor.
B)real wage.
C)the public's preference for leisure.
D)money wage.
E)b and c

Question

Quizplus · Accepted Answer

The supply of labor in the classical system is determined by several factors, including the real wage and the public's preference for leisure. As the real wage increases, workers are willing to supply more labor, while as the public's preference for leisure increases, workers are willing to supply less labor. Therefore, the supply of labor in the classical system is influenced by both the real wage (option B) and the public's preference for leisure (option C), making option E the best choice. The marginal product of labor (option A) and the money wage (option D) are related to the supply of labor, but they are not the primary determining factors in the classical system.

The Supply of Labor in the Classical System Is a Function