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If labor markets are competitive, wages in those markets are determined by

shayeshaye00

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If labor markets are competitive, wages in those markets are determined by

Question 1.

A perfectly competitive firm will hire labor as long as the marginal revenue product of labor is

▸ less than the going wage.

▸ equal to the going wage.

▸ greater than the going wage.

▸ zero.

Question 2.

If labor markets are competitive, wages in those markets are determined by

▸ the interaction of supply and demand.

▸ supply only.

▸ demand only.

▸ neither supply nor demand.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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emnevius

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More solutions for this book are available here

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this is exactly what I needed

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