in-perfect-competition-how-is-the-supply-of-labor-similar-to-the-supply-of-goods

Question

In perfect competition, how is the supply of labor similar to the supply of goods?

Accepted Answer

Both are determined by individual decisions to maximize utility.

Answer

Both are influenced by government regulations.

Answer

Both are determined by firms seeking to minimize costs.

Answer

Both are fixed and do not respond to price changes.