Question

Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor. the labor supply curve of the individual firm is:___.

Answer 1

The market for labor can be divided into two components, labor demand , and labor supply .

Market labor supply curves are determined more by the number of individuals who choose to supply their labor to that market than the number of hours each supplies.

So at higher wage rates relative to other markets, more people choose to supply labor in that particular market and the curve is always up-sloping.

In perfectly competitive labor and product markets, labor supply curves   always measure marginal opportunity costs. The shorter the time period will be and the more specialized the type of labor will be , the less elastic the labor supply curve will be.

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