
The fact that the market labor supply curve is upward sloping at all wage rates illustrates that
A) all people supply more labor as the wage rate increases.
B) the combined effect of individual labor supply curves results in a greater number of labor hours being supplied at a higher wage rate.
C) the compensating wage differential works.
D) at high wages, people will decrease labor supply when wages rise further and thus make aggregate labor supply decrease.
E) the marginal benefits of leisure decrease as wages increase.
Correct Answer:
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Q1: As the wage rate increases, the quantity
Q2: According to the text, the constantly rising
Q4: "Efficiency" means
A) a producer is using the
Q5: _ ensures that resources are allocated to
Q6: As the wage rate increases, the quantity
Q7: Figure 3.1 Q8: In response to an increase in demand Q9: Specialization according to comparative advantage can Q10: Figure 3.1 Q11: The process of buying identical products in
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A) generate
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