The Labor Supply Curve

question 225

Multiple Choice

The labor supply curve

• A)shows the relationship between the wage rate and the quantity of labor supplied.
• B)shows the quantity of jobs supplied at various wage rates.
• C)is unit elastic.
• D)is U-shaped.

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Definitions:

Missed Opportunity

The failure to seize potential benefits due to lack of action or decision in a timely manner.

Government Quota

A limit set by a government on the amount or value of a good that can be imported or exported over a specified period.

Supply Price

The price of a given quantity at which producers will supply that quantity.

Quota Limit

The total amount of a good under a quota or quantity control that can be legally transacted.