Question

After a tsunami washed over Hilo, Hawaii and surrounding towns it damaged thousands of boats, there was a growing demand for boat repair, glass replacement, dent repair and repainting. In the labor market for boat repair, the demand would be represented by o boat body shop workers looking for work and supply is represented by the boat body shops and glass repair companies providing jobs. boat owners wanting boat repairs and supply represented by boat body shops and glass repair and replacement companies boat body shops and glass repair and replacement companies, and supply represented by the boat workers.

Answer 1

Question

Labor market refers to the market where labor services are exchanged.

In labor market, firms acts as buyers and thus demand labor services while workers acts as sellers and thus supply labor services.

Labor market acts as part of factor market and thus does not involve consumers of final goods and services.

So,

In the labor market for boat repair, the demand would be represented by boat body shops and glass repair and replacement companies (firms), and supply represented by the boat workers.

Hence, the correct answer is the option (3).