Most economists believe that the supply curve of labor in the aggregate is extremely elastic.

Question

Quizplus · Accepted Answer

Most economists believe that the supply curve of labor in the aggregate is relatively inelastic, meaning that changes in wages do not lead to proportionally large changes in the quantity of labor supplied. This is because individuals can only adjust their labor supply to some extent due to factors like time constraints, skills, and the necessity of earning a living.

Most Economists Believe That the Supply Curve of Labor in the Aggregate