Question

for any competitive labor market, changes that increase the opportunity cost of work will labor supply and shift the labor supply curve to the .

Answer 1

Any fair labor market will experience two effects of changes that raise the actual cost of work: a reduction in the supply of labor and a leftward shift in the supply curve.

What causes the supply curve to change?

A full supply curve could slant to the right or left as a result of adjustments to production prices and related factors. As a conclusion, a larger or less amount is offered for a particular price. Generally speaking: Prices and output are connected by supply curves assuming no other changes.

What causes supply curve to rise?

When there are more suppliers of a good or service, the supply curve shifts to the right; when there are fewer suppliers, it shifts to the left.

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