Business Studies, asked by lewiscook9597, 9 months ago

How wage is determined in a perfectly competitive market?

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Answered by Itzcrush93

2

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Hey there...♥

In a perfectly competitive market, the firm's marginal revenue product of the labor is the value of the marginal product of labor.The wage that the firm actually pays is the market wage rate,which is determined by the market demand and supply of the labor...

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