What Is One Difference Between the Labour Market and Markets
What is one difference between the labour market and markets for goods and services?
A) The demand in the labour market is inelastic; the demand for goods and services may be elastic or inelastic.
B) The supply of labour is perfectly inelastic because the quantity supplied is constant. The elasticity of supply for goods and services is different in different markets.
C) Concepts of fairness arise more frequently in labour markets than in the markets for goods and services.
D) In the labour market, firms are suppliers while households are demanders.
What is a factor market?
A) It is a market where financial instruments are traded.
B) It is a market where stocks and bonds are traded.
C) It is a market where producers buy consumption and capital goods.
D) It is a market where resources used to produce final goods are traded.
Why is the demand for labour different from the demand for final goods and services?
A) The demand for labour is derived from the demand for the good or service the labour is used to produce.
B) It is a demand for people, not inanimate objects.
C) The demand for labour is more inelastic than the demand for the goods and services produced with this labour.
D) The law of demand does not apply to the demand for labour.
The demand for labour depends primarily on the additional output produced as a result of hiring an additional worker and
A) the additional revenue received from selling the output produced as a result of hiring an additional worker.
B) the payment made to the worker for producing the additional output.
C) the elasticity of demand for the output produced by the worker.
D) the number of workers willing to produce the additional output.