The labor market is composed of a. a relatively homogeneous supply of labor and downward-sloping demand...
The labor market is composed of
|
a. |
a relatively homogeneous supply of labor and downward-sloping demand curve. |
|
|
b. |
a vertical supply curve for labor and relatively elastic market demand. |
|
|
c. |
many submarkets for labor of different types. |
|
|
d. |
more teenagers than any other age group of labor. |
Homework Answers
Option C.
- A labour market is a place where employers and employees work together for production of various goods and services or it is place where market transaction occurs when there is supply and demand for labour.
- Labour Markets are composed of several submarkets consisting of labour of different types.
- Each labour market differ in their structure and functions, therefore they are divided into many submarkets having different types of labour. They differ in the wages, skills, market characteristics etc.
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