In the United States.docx - In the United States labor...

In the United States, labor supply tends to be inelastic relative to labor demand, and according to law,
payroll taxes are essentially assessed evenly between workers and firms. The supply curve is vertical at
the specific quantity, highlighting that any price change does not cause a change in the quantity
supplied. It is very rare for firms to face an inelastic supply curve as traditionally, firms will always supply
more when the price of the good they are supplying increases. An example might be the UK property
market, as demand has been outstripping demand, forcing house prices up. This is particularly the case
in areas such as London, where it is almost impossible to find new land to build properties. This is an