Asked by Mariah Trevino on Jun 12, 2024
Verified
If the individual labor supply curves for all workers in a given location slope up, the market supply curves in that location
A) will slope down.
B) will also slope up.
C) will be vertical.
D) may slope up, down, or be vertical.
Labor Supply Curves
Graphical representations showing the relationship between the wages offered by employers and the amount of labor workers are willing to supply at those wages.
- Examine the impact that variations in wages and labor supply have on the rates of employment and salaries.
Verified Answer
ID
Isabella DarrahJun 14, 2024
Final Answer :
B
Explanation :
The market supply curve is derived from the summation of individual labor supply curves. If all individual labor supply curves slope upwards, indicating that workers are willing to supply more labor as wages increase, the market supply curve will also slope upwards, reflecting the aggregate behavior of all workers.
Learning Objectives
- Examine the impact that variations in wages and labor supply have on the rates of employment and salaries.