Question
Business and Labor Online Practice
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10 of 1610 of 16 Items
Question
In the market for labor, the demand curve slopes downward. This is due to which of the following facts? (1 point)
Responses
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.
Higher wages increase the quantity of labor that workers are willing to engage in.
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.
Remaining Attempts : 3
Answers
GPT-4o mini
The correct response is:
**Firms will hire fewer workers at higher wages.**
This is because, as wages increase, the cost of hiring additional workers rises for firms, leading them to reduce the quantity of labor they demand. Hence, the demand curve for labor slopes downward.
**Firms will hire fewer workers at higher wages.**
This is because, as wages increase, the cost of hiring additional workers rises for firms, leading them to reduce the quantity of labor they demand. Hence, the demand curve for labor slopes downward.