Asked by nohamin tekele on May 23, 2024
Verified
Willie's wage increased, and he responded by enjoying more hours of leisure per day. Is Willie's behavior consistent with an upward-sloping labor-supply curve?
Labor-Supply Curve
A graphical representation showing the relationship between the amount of labor workers are willing to provide at different wage rates.
- Examine the importance of changes in labor supply and demand, including their effects on employment levels across different demographic groups.
- Implement the idea of opportunity cost as it pertains to the study of labor economics.
Verified Answer
OO
Olayi OkpanachiMay 25, 2024
Final Answer :
No. If Willie's labor-supply curve were upward-sloping, then, in response to the higher wage, Willie would work more hours and enjoy fewer hours of leisure per day.
Learning Objectives
- Examine the importance of changes in labor supply and demand, including their effects on employment levels across different demographic groups.
- Implement the idea of opportunity cost as it pertains to the study of labor economics.