For any competitive labor market, changes that increase the opportunity cost of work will _______ labor supply and shift the labor supply curve to the _______.

Question

Quizplus · Accepted Answer

An increase in the opportunity cost of work makes working less attractive compared to other activities, leading to a decrease in labor supply. This decrease in labor supply is represented by a leftward shift of the labor supply curve.

For Any Competitive Labor Market, Changes That Increase the Opportunity