Asked by
melanie rulos
on Oct 12, 2024
Verified
Which of the following will not cause the demand curve for labor to shift?
A) An increase in the wage rate.
B) An increase in the price of the final product.
C) An increase in the price of a substitute factor of production.
D) A change in demand for the final product.
E) An improvement in technology that produces higher labor productivity.
Wage Rate
The amount of compensation paid per unit of time or piece of work for employed services.
Demand Curve for Labor
A graphical representation showing the relationship between the wage rate and the quantity of labor that employers are willing to hire.
Substitute Factor
An input or factor of production that can be used in place of another to produce a good or service.
- Examine the impact of alterations in wage rates on labor employment and the demand for resources.
- Analyze how variations in the economic and market environment influence the need for labor and resources.
Verified Answer
EH
Learning Objectives
- Examine the impact of alterations in wage rates on labor employment and the demand for resources.
- Analyze how variations in the economic and market environment influence the need for labor and resources.