The Labor Supply (curves) for any given occupation: illustrate that as wage rates (W) rise, more workers will make themselves available for such an occupation and perhaps also for more hours (up until a point when wage rates become very high). decreases (shifts inward) when qualified labor becomes more abundant, and increases (shifts outward) when qualified labor becomes more scarce. illustrate that as wage rates (W) rise, employers in a labor market will wish to hire a greater quantity of labor. must disappear (become zero) any time there is a change in the labor demand curve.
The Labor Supply (curves) for any given occupation: illustrate that as wage rates (W) rise, more workers will make themselves available for such an occupation and perhaps also for more hours (up until a point when wage rates become very high). decreases (shifts inward) when qualified labor becomes more abundant, and increases (shifts outward) when qualified labor becomes more scarce. illustrate that as wage rates (W) rise, employers in a labor market will wish to hire a greater quantity of labor. must disappear (become zero) any time there is a change in the labor demand curve.
Chapter30: The Labor Market
Section: Chapter Questions
Problem 14E
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