URGENT! PLZ HELP
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the prices of goods will soon follow." How does this work?

Question

anonymous · Answer

Price is determined based on a few things one being the labor. That's why Countries buy things from chinas goods are cheaper than everywhere else because they pay their workers very little.

anonymous · Answer

would it change the supply or quantity supplied?

anonymous · Answer

That would change if the demand for the goods increased or decreased.

anonymous · Answer

@teenagerunaway

anonymous · Answer

is the supply changed or the quantity supplied changed when non labor inputs decrease in price?

anonymous · Answer

The quantity supplied depends on the price level at any given time in the market. The price can be set by either a governing body by using price ceilings or floors, or by regular market forces.

anonymous · Answer

So wage rates would not affect the quantity supplied?

anonymous · Answer

RIght.

anonymous · Answer

Thank you!

anonymous · Answer

You're welcome. DO you happen by chance be taking Personal finance and Economics online?

anonymous · Answer

No, I am taking a lecture class