Use the following to answer question(s): Demand and Supply in a Perfectly Competitive Labor Market

-(Exhibit: Demand and Supply in a Perfectly Competitive Labor Market) Curve ________ is the _______ for labor, and Curve _______ is the _______ curve for labor.
A) B; demand; A; industry supply
B) A; demand; B; supply of labor faced by a firm
C) B; MFCL; A; MPL
D) A; firm's supply; B; marginal revenue

Question

Use the following to answer question(s): Demand and Supply in a Perfectly Competitive Labor Market
 
-(Exhibit: Demand and Supply in a Perfectly Competitive Labor Market) Curve ________ is the _______ for labor, and Curve _______ is the _______ curve for labor.
A) B; demand; A; industry supply 
B) A; demand; B; supply of labor faced by a firm 
C) B; MFCL; A; MPL 
D) A; firm's supply; B; marginal revenue

Quizplus · Accepted Answer

Curve A represents the demand for labor, as it shows the quantity of labor demanded by firms at different wage rates. Curve B represents the supply of labor faced by a firm, as it shows the quantity of labor supplied by workers at different wage rates. Therefore, choice B is the correct answer. Curve B is not related to MFCL or MPL, and Curve A is not related to the firm's supply or marginal revenue.

Use the Following to Answer Question(s): Demand and Supply in a Perfectly