The price for labor is the wage rate.What happens to the quantity of labor supplied if wages increase?
A)It increases.
B)It decreases.
C)It does not change.
D)Uncertain-economic theory has no answer to this question.

Question

Quizplus · Accepted Answer

According to the law of supply, an increase in wages will result in an increase in the quantity of labor supplied as more individuals will be incentivized to work due to the higher wages.

The Price for Labor Is the Wage Rate