Supply of inputs - If we take an account of physical and...

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Supply of inputs: The cost of a firm in employing resources also depends upon the supply conditions of the inputs. If we concentrate only on the labor supply problems several difficulties are likely to emerge. Supply of labor normally depends upon the size of the population and the age composition of the working population. This refers only to the quantitative supply of labor power.
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Unformatted text preview: If we take an account of physical and mental efficiency, educational achievements, technical training etc. there is a variety of dissimilarities in the labor supply conditions. Traditionally classical writers throughout the 19 th century assumed perfect competition in the labor market....
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