Which among the following are the determinants of the supply of labour? (1) Product demand (2)…
In labour market economics, (2) Workers' preference for work versus leisure (income-leisure trade-off) and (4) the number of qualified workers/suppliers in the population…
Choose your answer
Which among the following are the determinants of the supply of labour?
(1) Product demand
(2) Preference for Work versus Leisure
(3) Number of firms
(4) Number of qualified suppliers
Answer and explanation
Correct answer C
In labour market economics, (2) Workers' preference for work versus leisure (income-leisure trade-off) and (4) the number of qualified workers/suppliers in the population are determinants of the 'Supply of Labour', whereas Product demand (1) and Number of employing firms (3) are determinants of the 'Demand for Labour'.
Practice for these exams
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UGC NET HRM / Labour Welfare and Industrial Relations