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8 September, 17:59

At what wage rate will there be excess labor supplied in the market?

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  1. 8 September, 18:21
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    If the wage is free to adjust in response to market forces it will move to We, where the demand for labour equals the supply. When the wage is above We, more labour will be presented for employment than firms in the industry can profitably hire. It will pay workers to lower their wages to obtain employment in the industry.
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