the demand for labor is determined by whom, their goals and the criteria used by them for achieving that goal. Concept Introduction: Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment. Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time. Supply of labor: the number of hours each individual is willing to supply at a given wage rate Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

Question

Published in 1980, the book Free to Choose discusses how economists Milton Friedman and Rose Friedman proposed a one-sided view of the benefits of a voucher system. However, there are other economists who disagree about the potential effects of a voucher system.

Answer 1

Question

Chapter 11, Problem 2.4P

A

To determine

the demand for labor is determined by whom, their goals and the criteria used by them for achieving that goal.

Concept Introduction:

Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.

Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.

Supply of labor: the number of hours each individual is willing to supply at a given wage rate

Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

B

To determine

The Supply of labor is determined by whom, their goals and the criteria used by them for achieving that goal.

Concept Introduction:

Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.

Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.

Supply of labor: the number of hours each individual is willing to supply at a given wage rate

Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

C

To determine

The case when demand for labor is considered as a derived demand.

Concept Introduction:

Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.

Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.

Supply of labor: the number of hours each individual is willing to supply at a given wage rate

Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

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