Which Parties Determine the Supply and the Demand for Labour

question 212

Multiple Choice

Which parties determine the supply and the demand for labour

• A)Workers determine the supply of labour, and firms determine the demand for labour.
• B)Workers determine the demand for labour, and firms determine the supply of labour.
• C)Workers determine the supply of labour, and government determines the demand for labour.
• D)Government determines the supply of labour, and firms determine the demand for labour.

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Definitions:

Multiproduct Firms

Companies that produce and sell more than one product or service, often benefiting from economies of scope.

Technology

Refers to the application of scientific knowledge for practical purposes, especially in industry.

Short-run Average Cost

The total cost divided by the quantity of output produced, in the short term when at least one input is fixed.

Long-run Average Cost

The per-unit cost of production in the long term, where all inputs can be varied and economies of scale can be achieved.