Analyse the shape of the market supply of labour curve. Motivate your answer with the aid of an  example.

Q: What is meant by the supply of labour to an occupation?

A: Supply of a good is the amount of that good which the sellers are willing and able to offer at each…

Q: what are the four broad categories of labor in order from lowest to highest paying?

A: The amount of mental, physical, and social effort needed to produce goods and services in a given…

Q: Show the EQUILIBRIUM point by bringing together the  DEMAND and SUPPLY of  LABOR.   Label your graph…

A: The labor market like any other market has a downward-sloping demand curve and an upward-sloping…

Q: Two job opportunities are as fo:- Job type                         Salary Accountant…

A: If a person has many options, he or she has to choose the best one and the other options are…

Q: Why does the marginal product of labour fall as more workers are hired? Motivate your answer.

A: A change in the output caused by using one additional unit of a specific input is known as a…

Q: The supply of Labour in the country is determined by?

A: In each and every field of economics the market of labour is in general affected by the market…

Q: Draw a downward-sloping demand curve for labor and an upward-sloping supply curve of labor in a…

A: Labour demand and labour supply curve are very significant in the determination of real wage rate .…

Q: A farm can produce 10,000 bushels of wheat per year with five workers and 13,000 bushels with sex…

A: Marginal product of worker refer to the change in total output due to change in worker.

Q: Different between informal and formal Labour Costs

A: Labor costs are the expenditure that is borne by the employers for hiring labor. Labor costs consist…

Q: State true or false with reason "self employed are different from hired workers "

A: Money is required for individuals and currently money is used in the form of currency with exchange…

Q: Which type of worker would earn the high income but has lesser marginal productivity?     a.Fashion…

A: At the marketplace, it can be seen that different occupation provide different range of income to…

Q: To what extent are flexible work arrangements a positive for workers? For employers?

A: Flexible work arrangement for workers is not bounded by rigid work rules. These arrangements are…

Q: A technological advance that increases laborproductivity willa. lower wages.b. decrease the demand…

A: Productivity measures the efficiency of inputs in producing the given level of output. It is the…

Q: What are the advantages and disadvantages of division of labour?

A:

Q: Outline the benefits of encouraging a learning culture with the work team.

A: There are many benefits of encouraging a learning culture with the work team. a) Increasing employee…

Q: Efficiency of labour depends upon: (a) Skill (b) Physical strength (c) Training (d) All of the above

A: # in an economy the role of efficiency be it in the case of resources or labour is very important.…

Q: Discuss the view that the specificity of the on-the-job training does not matter in the choice of…

A: The on-the-job training is an important aspect of the business economics in which the firms and the…

Q: What determines the demand for labor for a firm operating in a perfectly competitive output market?

A: In the labor market, producers or organizations are the demand-side participants, and they make a…

Q: If the MRP of land is greater than its price, a firm should use less land. O use more land. vy to…

A: Input mix refers to the combination of inputs a producer would use in the production process such…

Q: "Schumacher agrees with Adam Smith's claim that a division of labor is beneficial to workers." True…

A: Division of labor is defined as the separation of a production process into a number of different…

Q: Give some examples of direct labor?

A: Direct laborers are the individuals and staff who produce the company’s products and provide…

Q: Short run labor demand (known as effective labor demand) is determined by what? The amount of…

A: In economics, we study how scarce resources are used by decision-makers to satisfy the unlimited…

Q: What may be wrong with over-specialization for workers in factories? A. Work culture may worsen B.…

A: When product is made, cost  takes place and process of business follow ups. Business can be of…

Q: Discuss the difference between general training and specific training. Who pays for and collects the…

A: The genera training is that type of training which contributes and make an addition to worker’s…

Q: amount of labor hired ()?

A: Answer Part- B

Q: A compensating differential is an: adjustment to wages that compensates for lost work due to the use…

A: A compensating differential, which is also called a compensating wage differential or an equalizing…

Q: Over the long run, ____________ per hour is the most important determinant of the average wage level…

A: Productivity: The output per hour given by the labourer is called productivity. The productivity is…

Q: If the MFC L > MRP L, the firm should hire more labor. True False

A: The production of an extra unit of output by an extra unit of labor is called the marginal product…

Q: What reason does NOT explain why women may earn less than men in the labor market? A. Occupational…

A: Labor: - labor is one of the factors of production, any physical and mental work by humans against a…

Q: What happens to the labor supply curve of single mothers when TANF benefits are introduced?

A: The labor supply curve moves upward of single mothers when TANF benefits are introduced.

Q: The figure represents the value of marginal product for a firm that sells its product in a…

A: Value of marginal product refers to an additional revenue which is earned from hiring one more unit…

Q: What are some characteristics of professional behavior in the work plade

A: Attitude, appearance, and manners all contribute to professional behaviour in the job. It…

Q: How can stages of production be used to determine the most profitable number of workers to hire

A: The firms, and businesses tend to work with the motive of earning higher amount of profits. The…

Q: Characteristics of labour

A: A person or a group of people who perform physical work for reward for example loading/ unloading of…

Q: When workers move from one industry to another in response to demand changes, this is an example of…

A: Factors of production are the inputs used in the production of goods and services.

Q: rk

A: Division of labour is the separation of a work process into a number of tasks, with each of the task…

Q: What factor limits the amount a firm can pay a worker to produce a product?

A: The firm uses the labor or worker as long as it is profitable. The productivity of labor decides the…

Q: 8. Factors of production can be: (a) Land (b) Labour (c) Organisation (d) All of the above

A: # Goods and services can be produced using the fundamental units of an economy which are resources.…

Q: In the United States, unionized workers arepaid about _________ percent more than similarnonunion…

A: Labor Union: A worker's organization addresses laborers' aggregate interests, haggling with managers…

Q: Why do employers need to take the product market and labour market into account while deciding the…

A: The basic goal of every firm is to maximize the profits.

Q: Why is the short-run demand curve for labor downward sloping?

A: The three most important factors of production- land, labor, and capital are used in the production…

Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.