The Market Demand Curve for Labour

question 143

Multiple Choice

The market demand curve for labour

• A)is determined by adding up the quantity of labour demanded by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
• B)is the same as the market demand curve for the product labour produces because it is a derived demand.
• C)is determined by adding up the demand for labour by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
• D)is perfectly inelastic because there is a finite number of workers in the market for labour.

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Definitions:

Shortage

A situation where demand for a product or service exceeds the supply available at a specific price.

World Price

The international market price of a good, influenced by global supply and demand.

CD-Rom Drives

Hardware devices used to read data stored on CD-ROMs, commonly used for media and software distribution before the digital era.

World Price

The price at which goods are bought and sold in the global market, influenced by factors such as supply, demand, and trade policies.