The market demand curve for labor
A) is the same as the market demand curve for the product labor produces because it is a derived demand.
B) is determined by adding up the quantity of labor demanded by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
C) is perfectly inelastic because there is a finite number of workers in the market for labor.
D) is determined by adding up the demand for labor by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
B
You might also like to view...
The above table shows the total product of producing baseball hats. The average product of 3 workers is equal to
A) 1.67 baseball hats. B) 6.00 baseball hats. C) 12.78 baseball hats. D) 18.00 baseball hats.
Recipients of Medicare tend to demand a greater quantity of low-value, high-cost services because
A) the services are readily available. B) recipients are coerced into demanding such services. C) the government mandates that they demand such services. D) the services are heavily subsidized.