Suppose we use demand and supply on the labor market, to analyze the hiring and employment of workers by businesses. The price is the wage and the quantity is the number of people working. In the labor market, a. the demand curve shows the demand for jobs by workers, and the supply curve shows the supply of jobs by businesses. b. the demand curve shows the demand for labor by businesses, and the supply curve shows the supply of labor by people. c. the demand curve shows the consumer demand for products that workers produce, and the supply curve shows business supply of products that workers produce. d. the demand curve shows the business demand for products that workers produce, and the supply curve shows consumer supply of products that workers produce.

Question

Business

Karly Chan

27 July, 02:36

Suppose we use demand and supply on the labor market, to analyze the hiring and employment of workers by businesses. The price is the wage and the quantity is the number of people working. In the labor market, a. the demand curve shows the demand for jobs by workers, and the supply curve shows the supply of jobs by businesses. b. the demand curve shows the demand for labor by businesses, and the supply curve shows the supply of labor by people. c. the demand curve shows the consumer demand for products that workers produce, and the supply curve shows business supply of products that workers produce. d. the demand curve shows the business demand for products that workers produce, and the supply curve shows consumer supply of products that workers produce.

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Jadon Dickson · Answer 1

b. the demand curve shows the demand for labor by businesses, and the supply curve shows the supply of labor by people.

Explanation:

Labor market is any arrangement that brings businesses, government and other economic unit seeking to get the best employees at the best price (demand for labor) into contact with those people seeking for paid jobs (the supplier of labor) for the purpose of entering into an employment contract.

The job seekers which represents the household possess some skills that is being demanded by the firms in the labor market. The job seekers is the supplier of skills while the firm demands for the skills.