Question

Which sentence describes how the labor market is like other markets?

Answer 1

Which sentence describes how the labor market is like other markets?

Answer:I would say Wages are high when the supply of labor is low and demand is high but If you didn't messed anything up i would go with C.

Answer 2

Answer:

C) wages are high when the supply of labor is high and the demand for labor is low.

Explanation:

The workers offer their work to the companies in exchange for a salary and, while they work, they give up other activities such as having fun, cleaning the house, taking care of their relatives, etc.

If wages increase, people will be more motivated to work and the labor supply will be high. In addition, if wages increase, companies will reduce the demand for labor, as it is more expensive to hire.

And I think that t is correct to place this type of macroeconomics questions in this category of social studies.