Relationship between the wage and quantity of labor


Question 1: Suppose that everyone pays the same price for auto insurance. What should happen to the price of insurance if the law changes from a system where there is mandatory auto insurance to one where there is voluntary auto insurance?

Question 2: Why do car insurance companies charge higher auto rates for new customers than for established customers, all else held constant?

Question 3: What is the term given to the relationship between the wage and quantity of labor that a given worker is willing to provide, is it (a)market labor demand (b) individual labor demand (c) individual labor supply (d) market labor supply / and please explain why?

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Business Law and Ethics: Relationship between the wage and quantity of labor
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