Grad Question 8 of 12 Sapling Learning Map Suppose the graph to the right repres

Question

Grad Question 8 of 12 Sapling Learning Map Suppose the graph to the right represents the labor market. blue The line shows the relationship between the wage and the number of people willing to work The the wage and the number of people firms wish to ges (S) red ine shows the relationship between hire. Quantity (Workers) O red; blue O blue; red The demand curve for labor exhibits a (an demanded, and the supply curve of labor exhibits a (an) of people willing to work. relationship between wage and quantity of workers relationship between wage and the quantity inverse or negative; direct or positive direct or positive; inverse or negative

Explanation / Answer

(1) Blue, Red

Blue line is the supply curve of labor and Red line is the demand curve for labor.

(2) Inverse or negative, Direct or positive

The Demand curve is downward sloping, meaning as wage rate rises (falls), quantity of labor demanded falls (rises), so there is inverse relationship. The supply curve is upward rising, meaning as wage rate rises (falls), quantity of labor supplied rises (falls), so there is direct relationship.

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