Which of the following is TRUE regarding the labor market?

I. The labor supply curve slopes upward because firms maximize profits as they hire more workers.
II. If the real wage rate falls, the quantity of labor firms demand increases.
III. The demand for labor curve slopes downward because as the real wage rate falls, workers demand to work fewer hours.
A) I and II
B) I and III
C) II only
D) I, II and III

C

Economics

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