Asked by
Elyssa Garcia
on Nov 16, 2024
Verified
Refer to Figure 18-6. Which of the following is a possible explanation of the shift of the labor demand curve from D1 to D2?
A) The wage earned by automobile workers increased.
B) The price of automobiles increased.
C) The opportunity cost of leisure, as perceived by automobile workers, decreased.
D) Large segments of the population changed their tastes regarding leisure versus work.
Labor Demand Curve
A graphical representation showing the relationship between the quantity of labor demanded by firms and the wage rate.
Automobile Workers
Individuals employed in the automotive industry involved in the design, development, manufacturing, marketing, and selling of motor vehicles.
Opportunity Cost
The missing out on potential benefits from other options when selecting one path.
- Understand how the supply of one factor of production can impact the earnings and productivity of other factors.
- Achieve an understanding of the consequences market shifts have on the marginal productivity of land, labor, and capital.
Verified Answer
JG
Learning Objectives
- Understand how the supply of one factor of production can impact the earnings and productivity of other factors.
- Achieve an understanding of the consequences market shifts have on the marginal productivity of land, labor, and capital.