Which of the following statements concerning the supply of labor is true ?

Question

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The typical labor supply curve is upward sloping. As the wage rate increases, the opportunity cost of leisure time increases, so individuals have a greater incentive to work and supply more labor. This results in an upward sloping labor supply curve, where a higher wage rate leads to a greater quantity of labor supplied. Option A is incorrect because the wage rate has a significant effect on the supply of labor. Option B and C are also incorrect because the labor supply curve is upward sloping and is determined by factors such as the wage rate, non-wage benefits, and personal preferences.

Which of the Following Statements Concerning the Supply of Labor