The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6

-The labor-market-supply curve illustrates that, as the wage rate increases, the number of hours that each person is willing and able to work rises.

Question

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6
 
-The labor-market-supply curve illustrates that, as the wage rate increases, the number of hours that each person is willing and able to work rises.

Quizplus · Accepted Answer

This statement is consistent with the upward sloping labor supply curve, which indicates that as the wage rate rises, workers are willing to supply more labor hours.

The Following Figures Show the Demand (D) and Supply (S)