Explain the difference between a change in demand and a change in quantity demanded. What factors cause each? Explain, also, the difference between a change in supply and a change in quantity supplied. What factors cause each?

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Casey DurganLv2

26 Feb 2019

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Many factors determine the supply and demand for labour. Identify and explain two factors that would increase or decrease the demand for labour. Identify and explain two factors that would increase or decrease the supply of labour. Your answer should include a discussion on marginal revenue product. I believe it would be difficult to answer this question correctly without referring to that topic. One way to approach this question would be:

1. Define marginal revenue product, and then discuss how this can change. Then relate this to the change in demand for labour.

2. Explain the determinant of labour supply. Explain what might change one of these determinants.

When answering this question would be a good time to review the difference between a change in quantity demanded and a change in demand and the difference between a change in quantity supplied and a change in supply. Remember, wage rates[theprice to rent labour] will not affect either the supply or the demand for labour!

amaranthdog776

What is the difference between a change in demand versus a change in quantity demanded? A change in supply versus a change in quantity supplied? Why is it so important to differentiate between these similar-sounding terms?