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

Question

Quizplus · Accepted Answer

This is the basic concept behind the labor-market-supply curve. As the wage rate increases, individuals have a greater incentive to work and are willing to supply more labor (i.e. more hours worked) at that higher wage.

The Labor-Market-Supply Curve Illustrates That,as the Wage Rate Increases,the Number