The ________ is the relationship between the quantity of labor supplied and the real, or inflation-adjusted, wage rate when all other influences on worker's plans to work are held constant.

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26-08-2022
Social Studies

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The ________ is the relationship between the quantity of labor supplied and the real, or inflation-adjusted, wage rate when all other influences on worker's plans to work are held constant.

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tripatsingh039 tripatsingh039 · Answer 1 · 2022-09-02T14:54:49-04:00

The supply of labor is the relationship between the quantity of labor supplied and the real, or inflation-adjusted, wage rate when all other influences on worker's plans to work are held constant.

A basic economic notion called supply refers to the total amount of a particular commodity or service that is made available to consumers. When shown as a graph, supply can refer to the quantity that is offered at a particular price or the quantity that is offered over a range of prices.

In terms of economics, supply refers to the quantity of items that a person or firm offers to the market, which is equivalent to the total amount that they produce at one particular time. For instance, if Apple produces 100 iPhones, then this is the quantity that is sold.

The following are included in a supply of goods: the agreement-based transfer of property rights over things. the commission-based sale of tangible things by an auctioneer or agent acting under his or her own name but following another person's instructions. delivery of items under a hire-purchase agreement.

Learn more about supply here:

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