Economy, asked by emyshen6538, 9 months ago

How is the wage rate determined in a perfectly competitive labour market?

Answers

Answered by neilakkiya
1

Explanation:

Wage Determination under Perfect Competition in the Labour Market! ... Wage rate determined by demand for and supply of labour is equal to the marginal revenue product of labour. Thus, under perfect competition in labour market, a firm will employ the amount of labour at which wage rate = MRP of labour.

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