Which of the following statements is TRUE? (1 pt.; CHOOSE ONE) A. The market sup

Question

Which of the following statements is TRUE? (1 pt.; CHOOSE ONE)

A. The market supply of labor is always upward sloping, but an individual’s labor supply curve may not be upward sloping throughout its entire range.
B. An individual’s supply of labor is always upward sloping, but the market supply of labor may not be upward sloping throughout its entire range.
C. Both the market supply of labor and the individual’s supply will both be upward sloping.
D. Both the market supply of labor and the individual’s supply may not be upward sloping throughout their entire range.

Explanation / Answer

The correct statement is option (D). Both the market supply of labor and the individual’s supply may not be upward sloping throughout their entire range. There is changes in wages of labour in the market. The requirement of labour keeps on changing due to demand and supply of the product in the market.

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