The determination of wages depends on the type of market. discuss
Answers
Answer:
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.
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Answer:
yes wages depend on the type of market as in different matkets there are different incomes and profits and so working in these different matkets demands different types of works and depending on that works there wages are also different. e.g. in a jute factory the amount of profit or income is much less than the automobile industry so working in an automobile industry demands a lot more money than working in a jute factory
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