Do No Harm: /1 Attempts: 6. Questions and Problems 6 In a competitive market, wa

Question

Do No Harm: /1 Attempts: 6. Questions and Problems 6 In a competitive market, wages are determined by the forces of labor supply and labor demand. Indicate which of the forces in the following table are labor supply forces and which are labor demand forces. Force Price of the product that labor produces Other factors of production available to workers Skills and abilities of workers in the labor market Degree of effort put forth by the workers The number of people who can actually do the job Wage rates in other labor markets Nonmoney, or nonpecuniary, aspects of the job Costs of moving across labor markets Training costs necessary to join a particular labor market Labor Demand Labor Supply

Explanation / Answer

Ans:

6)

Labor supply forces are forces that influence the supply of labor.

Labor demand forces are forces that influence the demand of labor.

Table indicating labor supply forces and labor demand forces.

Table indicating the primary reason for each labor market outcome.

Price of the product that labor produces Labor demand Other factors of production available to workers Labor demand Skills and abilities of workers in the labor market Labor demand Degree of effort put forth by the workers Labor demand The number of people who can actually do the job Labor supply Wage rates in other labor markets Labor supply Nonmoney, or nonpecuniary, aspects of the job   Labor supply Costs of moving across labor markets Labor supply Training costs necessary to join a particular labor market Labor supply

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