explain how markets determine wage
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♦Explanation ♦
Just as in any market, the price of labor, the wage rate, is determined by the intersection of supply and demand. When the supply of labor increases the equilibrium price falls, and when the demand for labor increases the equilibrium price rises. ... Thus, MRPL is simply the product of MPL and the price of the output.
thakuruttamsing10:
please mind your language
I know but what can we do now
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