Advertisements
Advertisements
प्रश्न
In what respect do the supply and demand curves in the labour market differ from those in the goods market?
उत्तर
The supply and demand curves in the labour market differ from those in the goods market in the following ways:
1) In a goods market, the demand for goods is made by consumers or households; while in a labour market, the demand for labour is made by firms.
2) In a goods market, the supply of goods is made by firms; while in a labour market, the supply of labour is made by households.
So, in a goods market, firms act as suppliers; in a labour market, households act as suppliers.
APPEARS IN
संबंधित प्रश्न
Explain through a diagram the effect of a rightward shift of both the demand and supply curves on equilibrium price and quantity.
How does an increase in the number of firms in a market affect the market supply curve?
Consider a market with two firms. The following table shows supply schedules of two firms: SS1 denotes the supply schedule of firm 1 and SS2 denotes the supply schedule of firm 2. Calculate the market supply schedule.
|
Price (Rs ) |
SS1 (units) |
SS2 (units) |
|
0 |
0 |
0 |
|
1 |
0 |
0 |
|
2 |
0 |
0 |
|
3 |
1 |
1 |
|
4 |
2 |
2 |
|
5 |
3 |
3 |
|
6 |
4 |
4 |
Consider a market with two firms. In the following table, columns labelled as SS1 and SS2 give the supply schedules of firm 1 and firm 2 respectively. Compute the market supply schedule.
|
Price (Rs ) |
SS1 (kg) |
SS2 (kg) |
|
0 |
0 |
0 |
|
1 |
0 |
0 |
|
2 |
0 |
0 |
|
3 |
1 |
0 |
|
4 |
2 |
0.5 |
|
5 |
3 |
1 |
|
6 |
4 |
1.5 |
|
7 |
5 |
2 |
|
8 |
6 |
2.5 |
There are three identical firms in a market. The following table shows the supply schedule of firm 1. Calculate the market supply schedule.
|
Price (Rs ) |
SS1 (units) |
|
0 |
0 |
|
1 |
0 |
|
2 |
2 |
|
3 |
4 |
|
4 |
6 |
|
5 |
8 |
|
6 |
10 |
|
7 |
12 |
|
8 |
14 |
