What is one explanation for why this labor supply curve is upward sloping? O The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. O Wages have to increase to accommodate union pressure. O Firms are willing to hire more pizza makers at a lower wage.

Since 1960, the earnings gap between men and women in the U.S. labor market has O steadily risen. O been completely eliminated. O continued to narrow. O increased throughout the 1970s.

Read the "Clear it Up: Do Profit Maximizing Employers Exploit Labor" Do Profit Maximizing Employers Exploit Labor? (Source: OER)  If you look back at the labor dynamics of supply and demand, you will see that only the firm pays the last worker it hires what they’re worth to the firm. Every other worker brings in more revenue than the firm pays him or her. This has sometimes led to the claim that employers exploit workers because they do not pay workers what they are worth. Let’s think about this claim. The first worker is worth $x to the firm, and the second worker is worth $y, but why are they worth that much? It is because of the capital and technology with which they work. The difference between workers’ worth and their compensation goes to pay for the capital, technology, without which the workers wouldn’t have a job. The difference also goes to the employer’s profit, without which the firm would close and workers wouldn’t have a job. The firm may be earning excessive profits,…

Which of the following is not an assumption of a competitive labor market? O numerous buyers and sellers O interchangeable workers accurate and widely available information workers preferable to machines