Which of the following statements regarding the labour market are correct? MULTIPLE CHOICES (a) Wages are the prices in the labour market that determine the level of demand and supply. (b) The labour market is always very competitive. (c) The labour market is not really a market as firms do not buy or sell workers.

Which of the following statements regarding the labour market are correct? MULTIPLE CHOICES (a) Wages are the prices in the labour market that determine the level of demand and supply. (b) The labour market is always very competitive. (c) The labour market is not really a market as firms do not buy or sell workers.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Labor Markets

Section: Chapter Questions

Problem 18SQ

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Question

Which of the following statements regarding the labour market are correct?

MULTIPLE CHOICES

(a) Wages are the prices in the labour market that determine the level of demand and supply.

(b) The labour market is always very competitive.

(d) Firms are the demand side of the labour market.

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Step 1-(a) Wages are the prices in the labour market that determine the level of demand and supply.

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Step 2-(b) The labour market is always very competitive.

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Step 3-(c) The labour market is not really a market as firms do not buy or sell workers.

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