Asked by hilal erkan on Jun 19, 2024
Verified
Most labor economists believe that the supply of labor is much more elastic than the demand.
Labor Economists
Labor economists are experts who study the labor force, examining employment levels, wage dynamics, and the factors affecting labor market participation and efficiency.
Supply Elastic
A measure of how much the quantity supplied of a good or service changes in response to a change in price.
- Comprehend how the elasticity of demand and supply influences the distribution of tax burdens.
Verified Answer
SR
Suraav RamsaranJun 26, 2024
Final Answer :
False
Explanation :
Most labor economists believe that the demand for labor is more elastic than the supply of labor, primarily because workers have limited flexibility in adjusting the number of hours they work in response to wage changes, whereas employers can more easily adjust the amount of labor they demand as wages or the economic conditions change.
Learning Objectives
- Comprehend how the elasticity of demand and supply influences the distribution of tax burdens.