Question

explain how wage is determined in a competitive labour market.

Answer 1

Answer:

inflation

Explanation:

this raise the cost of all essential things as a result labours demand for more wage

Answer 2

Answer:

When there prevails perfect competition in the labour market, wage rate is determined by the equilibrium between the demand for and supply of labour. ... Wage rate determined by demand for and supply of labour is equal to the marginal revenue product of labour.

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