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How do wages effect on labor supply?

Answer:
A higher wage will increase the quantity supplied of labor, however it will not affect the entire labor supply curve. As for individual industries, it depends on the specific labor elasticity. If the Supply is inelastic, a relatively large change in wage will yield a relatively small change in quantity supplied. However, if the labor supply is elastic, a relatively small wage increase will return a relatively large quantity increase.
First answer by ID0417422749. Last edit by ID0417422749. Question popularity: 1 [recommend question].

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