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

-The greater the opportunity cost of any particular occupation, the smaller the number of people who will select that occupation.

Question

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6
 
-The greater the opportunity cost of any particular occupation, the smaller the number of people who will select that occupation.

Quizplus · Accepted Answer

This statement is consistent with the law of supply, which states that as the price of a good or service increases, producers will offer more of that good or service. In the context of occupations, as the opportunity cost (e.g. education, training, etc.) of entering a particular profession increases, fewer individuals will choose to pursue that occupation. This is because the alternatives (other occupations) become relatively more attractive in comparison.

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