Does the law of supply apply to labor markets?
A) Yes, because all workers will increase the number of hours they work if their wages increase.
B) Yes, because some workers who are less committed to the labor force, like teenagers, will decide to work if wages increase.
C) No, because the laws of supply and demand both apply only to product markets.
D) No, because workers have no control over the number of hours they work.
Correct Answer:
Verified
Q54: What is the price of labor in
Q55: The number of markets is
A) Fixed.
B) Always
Q56: Q57: The market price is Q58: The market for iPads did not exist Q60: The market for automobiles in China has Q61: Give three examples of why new markets Q62: What do economists mean when they say Q63: What determines a market supply schedule? Q64: What does an upward-sloping supply curve mean?
A) the exact price
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