The demand for labor depends on I. technology.
II) the prices of other factors of production.
III) the price of the product.

Question

Quizplus · Accepted Answer

The demand for labor is influenced by technology, as advancements can increase productivity and affect labor needs. It also depends on the prices of other factors of production, as firms may substitute labor with cheaper alternatives. Additionally, the price of the product affects labor demand because higher product prices can lead to increased production and thus higher demand for labor.

The Demand for Labor Depends on I. Technology