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The Market for Labor

In: PRICE THEORY AND APPLICATIONS

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  • Steven E. Landsburg

Abstract

There are two types of decision makers in the economy: individuals and firms. Individuals supply factors of production, such as labor, to firms and demand output in return. Firms demand factors of production, use them to produce output, and supply that output to individuals.In Chapters 3 and 4, we studied the demand for output by individuals and in Chapters 5 through 7, we studied the supply of output by firms. In Chapter 15, we studied the demand for inputs by firms; now in this chapter and the next, we complete the picture by studying the supply of inputs by individuals…

Suggested Citation

  • Steven E. Landsburg, 2024. "The Market for Labor," World Scientific Book Chapters, in: PRICE THEORY AND APPLICATIONS, chapter 16, pages 617-641, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811263316_0016
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