The Supply Curve of Labor for Any Particular Occupation Is

question 27

Multiple Choice

The supply curve of labor for any particular occupation is upward sloping because

• A)higher wages usually imply higher education and training requirements for the job.
• B)all supply curves are upward sloping.
• C)a higher wage is necessary to attract more people into that occupation from other occupations.
• D)working conditions are more important than wages in a person's choice of occupation.

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Definitions:

Demand Curve

An image that graphically shows the relationship between an item's selling price and the quantities that consumers are interested in buying.

Consumer Surplus

The economic benefit consumers receive when they pay less for a product or service than what they were willing to pay.

Total Surplus

The total societal benefits from trading a good or service, encapsulated by the combination of consumer surplus and producer surplus in a market.

Average Total Cost

The total cost divided by the quantity produced, denoting the cost per unit of production.