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Which is generally true about supply and demand in the labor market?
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What best explains why the law of supply and demand has an effect on labor market?
In the law of supply and demand the effect on the Labor Market is that labor is a commodity.Labor is a commodity
What determines the supply and demand of the factors of production?
The demand for labor is a derived demand in that it depends on a company's decision to supply output in another market. This expansion in a market that has customers is the main factor in how much the demand for labor will increase.
Explain how labor market equilibrium is affected by the supply and demand of labor in a Monopolistic Competition?
The labor market will reach equilibrium as the amount of workers willing to work for a certain price equals the amount of workers employers are willing to hire for that wage. On a supply and demand curve the employees represent the suppl side while the employers represent the demand side
Because labor can be bought and sold in market like any other commodity the price of labor is partly determined by which of the following?
The quality of the labor and the supply. Skilled labor is worth more than unskilled. If there is a shortage of workers (labor) the price paid goes up.
What are the market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
What best explains why the law of supply and demand has an effect on labor market?
In the law of supply and demand the effect on the Labor Market is that labor is a commodity.Labor is a commodity
What determines the supply and demand of the factors of production?
The demand for labor is a derived demand in that it depends on a company's decision to supply output in another market. This expansion in a market that has customers is the main factor in how much the demand for labor will increase.
What are the market........?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
Explain how labor market equilibrium is affected by the supply and demand of labor in a Monopolistic Competition?
The labor market will reach equilibrium as the amount of workers willing to work for a certain price equals the amount of workers employers are willing to hire for that wage. On a supply and demand curve the employees represent the suppl side while the employers represent the demand side
Because labor can be bought and sold in market like any other commodity the price of labor is partly determined by which of the following?
The quality of the labor and the supply. Skilled labor is worth more than unskilled. If there is a shortage of workers (labor) the price paid goes up.
What determines prices of land labor capital and entrepreneurship in the factor market?
Demand and supply in every market will determine the price differently.
What are the market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
What are market forces?
Supply, demand, capital, labor--laws. Tariffs and taxes have an effect on the economy, too.
Why does the cost of labor go down in a recession?
During an economically depressed period, the labor supply usually exceeds the demand in the labor market, resulting in lower labor rates.
What steps does the firm need to take to reconcile labor supply and labor demand?
Labor supply, and demand is what determines the cost of Labor. Firms must consider their margin, pricing policy, improvement costs to raise productivity, market share, and competition, to arrive at a labor level reconciliation. Or The first step a firm needs to take to reconcile labor supply and labor demand is to analyze what problems need to be resolved. The goal is to have the labor supply, which is made up of the hours employees work, equal the labor demand, which is the work that needs to be done. Some firms hire outside consultants to do this for them.
What are some affects to the market supply curve?
cost of labor a change in the demand for the product the number of sellers offering the product
What best explains why the level of wages are largely determined by the law of supply and demand?
People looking for jobs constitute the supply of labor. Firms looking for employees constitute the demand for labor. Clearly then if there is a large supply of labor available and not much demand, wages will be low. If there is a large demand for labor and a small supply, wages will be high.
