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Economics For Today

10th Edition
Tucker
Publisher: Cengage Learning
ISBN: 9781337613040

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BuyFindarrow_forward

Economics For Today

10th Edition
Tucker
Publisher: Cengage Learning
ISBN: 9781337613040
Chapter 11, Problem 5SQP
Textbook Problem
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The market supply curve of labor is upward sloping, but the supply curve of labor for a single firm is horizontal. Explain why.

To determine

Explain the reason why labor supply curve is upward sloping in market and horizontal for single firm.

Explanation of Solution

Generally, under perfectly competitive market, firms and laborers are price takers. The price is fixed by the interaction of market demand and supply. Since there is a large number of a buyers (Firms) and laborers (seller) in the market, the increasing individual labor supply would not significantly affect the total supply...

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