Asked by
Samiuela Felemi
on Oct 26, 2024
Verified
A firm's demand curve for labor will shift because of:
A) a decrease in the wage rate.
B) an increase in the wage rate.
C) changes in preferences and the cultural norms that define how much we work.
D) a change in the product's price.
Labor Demand Curve
A graphical representation showing the relationship between the quantity of labor demanded by firms and the wage rate.
Product's Price
The amount of money charged for a good or service, determined by supply and demand factors in the market.
- Recognize the determinants causing fluctuations in the demand for labor within particular markets.
- Evaluate how variations in labor productivity influence labor demand.
Verified Answer
MW
Learning Objectives
- Recognize the determinants causing fluctuations in the demand for labor within particular markets.
- Evaluate how variations in labor productivity influence labor demand.