Is the United States' labor supply more inelastic or more elastic? Briefly summarize the competing theories.

Some labor economists believe that most workers work full time regardless of their wages. Hence, these economists believe that labor supply is more inelastic.
Other labor economists believe that labor supply is more elastics because of the following reasons:
*Many workers can adjust the number of hours that they work. Some people have a choice about working overtime, for example.
*Some workers are the second earner in their families. They may choose to work part time in the work place in order to spend more time at home. They may respond to higher wages by entering the work force, thus working more hours.
*Some older workers can choose when to retire, and once retired, they may choose to work part time.
*Some people engage in economic activity that is a part of the underground economy. These people will adjust whether they work in legitimate jobs or as a part of the underground economy based on wages.