The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage.
b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied.
c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded.
d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.
a
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If the cross price elasticity of demand between Los Angeles Lakers professional basketball tickets and Los Angeles Dodgers professional baseball tickets is positive, then the two goods are
A) substitutes. B) unrelated. C) complements. D) not related.
The social cost of production equals
A. the external cost minus the private benefit. B. the external cost minus the external benefit. C. the private cost plus the external cost. D. the social cost plus the private cost.