In the labor market, what are the firm’s demand curve for labor and the workers’ supply...

In the labor market, what are the firm’s demand curve for labor and the workers’ supply curve of labor?

Expert Solution

In the labour market. Equilibrium wage and quantity of labour is determined by demand and supply of labour which represented by demand and supply curve of the labour.

Demand of labor is quantity of labor demanded by firm at each wage rate. It is downward sloping because of diminishing marginal return. As more and more worker is hired by the firm each addition worker give less and less output which result in less revenues.

Supply of labor is quantity of labor supplied at each wage rate. It is upward or positive sloping. Which means higher the wage greater the supply will be of labour.

And where these two intersect equilibrium wage and quantity of labor is determined.

Rahul Sunny answered 2 years ago

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