Question

Because labor can be bought and sold in a market like any other commodity, the price of labor is partly determined by which of the following? O A. The circular flow model. O B. The Law of Supply and Demand. O C. A production possibilities frontier. O D. Cost-benefit analysis

NEED ASAP

Answer 1

B. The Law of Supply and Demand.

Hope this helps!

Answer 2

B. The Law of Supply and Demand.

Step-by-step explanation:

Labor, like other commodities, is traded in a market. This means that it is subject to the laws of supply and demand. Supply and demand are two concepts in economics that explain the relationship between the quantity of a commodity that producers want to sell and the quantity of it that consumers want to buy. Therefore, if many people require a type of labor, those with that skill will profit. On the other hand, if demand is low for the type of labor workers offer, they might struggle finding anyone who would hire them.