Practicing Success
Practicing Success
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| Given below are 2 sets of statements in column I and column II. Match the statements in different columns (column 1 and 2) to make a correct pair. Column I i. Individual labour supply curve ii. Individual demand curve for labour iii. Market equilibrium iv. Market labour supply curve Column II a) Backward bending b) Upward sloping c) Downward sloping d) No excess demand and no excess supply Alternatives: |
i-a, ii-b, iii-c, iv-d i-a, ii-c, iii-d, iv-b i-a, ii-c, iii-b, iv-d i-d, ii-c, iii-b, iv-a |
| i-a, ii-c, iii-d, iv-b |
| (i-a) individual labour supply curve is backward bending (ii-c) individual demand curve for labour is downward sloping (iii-d) At market equilibrium, market demand = market supply. Hence no excess demand and no excess supply. (iv-b) market labour supply curve is upward sloping. |
