Labour Markets (1)

The demand for labour is a 'derived demand', meaning that ...

• the demand for labour is dependent on the supply of the inputs in the production process

• the demand for labour is completely independent of the demand for the product

• the demand for labour is dependent upon the demand for whatever the labour produces

• the demand for labour is greater than the demand for the product that the labour makes

If the demand for McDonald's hamburgers rose, which of the following diagrams would display the likely impact on the demand for McDonald's workers

• 
• 
• 
• 

Several factors affect the demand for labour, including all of the following EXCEPT:

• The age distribution of the labour market

• Availability of substitutes

• Productivity of labour

• Other employment costs

In relatively low-skilled jobs, we are likely to see a labour supply curve such as which of the following:

• 
• 
• 
• 

The main reason why the supply curve for labour is upward sloping is because ...

• ... as the wage rate falls, an increasing number of people are prepared to work

• ... as the wage rate rises, an increasing number of people are prepared to work

• ... as the wage rate falls, an increasing number of people believe they can do the job

• ... as the wage rate rises, fewer people feel they can do the job

All of the following are likely to increase the supply of labour EXCEPT:

• an increase in migration

• an increase in the retirement age

• an increase in the school leaving age

• an increase in the female working population

• Monopsony

• Perfect Competition

• Oligopsony

• All of the above

• Wages

• Marginal Factor Cost

• Marginal Revenue Product of Labor

• Quantity of Labor

• Wages

• Marginal Factor Cost

• Marginal Revenue Product of Labor

• Quantity of Labor

• Wages

• Marginal Cost

• Marginal Revenue Product of Labor

• Quantity of Labor