[amp_mcq option1=”Elastic” option2=”Inelastic” option3=”Infinite elastic” option4=”Less elastic” correct=”option1″]<\/p>\n
The correct answer is: A. Elastic<\/strong><\/p>\n The supply curve of labor is the relationship between the quantity of labor supplied and the wage rate. The supply curve of labor is upward-sloping, which means that as the wage rate increases, more people will be willing to work.<\/p>\n In countries whose population growth has helped in the development of their economies, the supply curve of labor is likely to be elastic. This is because there is a large pool of potential workers who are willing to work for a variety of wages. As the wage rate increases, more people will be willing to enter the labor force, and the quantity of labor supplied will increase.<\/p>\n The other options are incorrect because they do not accurately describe the relationship between the supply of labor and the wage rate. Option B, inelastic, means that the supply curve is relatively flat, which means that a change in the wage rate will not have a significant impact on the quantity of labor supplied. Option C, infinite elastic, means that the supply curve is perfectly flat, which means that any change in the wage rate will result in an infinite change in the quantity of labor supplied. Option D, less elastic, means that the supply curve is relatively steep, which means that a change in the wage rate will have a significant impact on the quantity of labor supplied.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Elastic” option2=”Inelastic” option3=”Infinite elastic” option4=”Less elastic” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-55135","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n