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Market Demand and Supply Curves for Labor

Market Demand and Supply Curves for Labor - This is likely...

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Market Demand and Supply Curves for Labor: Under a perfect competitive market both demand and supply curves are likely to be normal in behavior. Demand curve for labor will then be downward sloping. In a market numerous firms operate; so the demand curve will be more flexible than in the case of individual firms. Labor supply curve will be composed of the additions of labor supplied by individuals.
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Unformatted text preview: This is likely to slope upwards. It indicates that both labor of a higher quality and skills are supplied only at a rising rate of wages. Under competition, with a very large number of workers and with less significant personal differences, the supply curve will be highly flexible tending to be a horizontal straight line....
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