Figure 12.3
-Refer to Figure 12.3.Panel D is appropriate when used to represent
A)the quantity of labour demanded by an input price taker.
B)the labour supply curve facing an input price taker.
C)the quantity of labour supplied by someone working a fixed number of hours.
D)the highly skilled labour market supply curve.

Question

Figure 12.3 
-Refer to Figure 12.3.Panel D is appropriate when used to represent
A)the quantity of labour demanded by an input price taker. 
B)the labour supply curve facing an input price taker. 
C)the quantity of labour supplied by someone working a fixed number of hours. 
D)the highly skilled labour market supply curve.

Quizplus · Accepted Answer

Panel D represents the labour supply curve facing an input price taker, as it shows the quantity of labour supplied at different wage rates for a given individual. The curve is upward sloping, indicating that higher wages will lead to a higher quantity of labour supplied.

Figure 12.3 -Refer to Figure 12.3.Panel D Is Appropriate When Used to When