The equilibrium wage and quantity of labor in the market for workers is determined by:
a. the monopsony power of firms
b. the strength of labor unions
c. the supply and demand of labor
d. the market value created by the output of these workers
The labor market is the market where "buyers" and "sellers" of labor come together to determine how many employees will be employed and at what wage. There are different labor markets, and these markets vary by factors such as skill level, occupation, and or industry.
Answer and Explanation: 1
- The equilibrium wage and quantity of labor in the market for workers is determined by (c) the supply and demand of labor.
The market achieves...
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fromChapter 3 / Lesson 41
Learn the labor market definition and what happens in the labor market. See what the split labor market theory is and learn the different types of labor market.