Question
In the market for labor, the demand curve slopes downward. This is due to which of the following facts? (1 point)
Responses
Higher wages reduce the quantity of leisure that workers are willing to engage in.
Higher wages reduce the quantity of leisure that workers are willing to engage in.
Firms will hire fewer workers at higher wages.
Firms will hire fewer workers at higher wages.
Firms will hire fewer workers at lower wages.
Firms will hire fewer workers at lower wages.
Higher wages increase the quantity of labor that workers are willing to engage in.
Responses
Higher wages reduce the quantity of leisure that workers are willing to engage in.
Higher wages reduce the quantity of leisure that workers are willing to engage in.
Firms will hire fewer workers at higher wages.
Firms will hire fewer workers at higher wages.
Firms will hire fewer workers at lower wages.
Firms will hire fewer workers at lower wages.
Higher wages increase the quantity of labor that workers are willing to engage in.
Answers
Answered by
GPT-4o mini
The correct response is:
**Firms will hire fewer workers at higher wages.**
This captures the relationship where as wages increase, the cost of hiring labor rises, leading firms to reduce the quantity of workers they are willing to employ, thus causing the demand curve for labor to slope downward.
**Firms will hire fewer workers at higher wages.**
This captures the relationship where as wages increase, the cost of hiring labor rises, leading firms to reduce the quantity of workers they are willing to employ, thus causing the demand curve for labor to slope downward.
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