Ask Question
30 March, 14:18

In a labor market comprising many firms hiring many workers with identical skills, which of the following is correct?

+5
Answers (1)
  1. 30 March, 14:23
    0
    Individual firms and workers are wage takers because they cannot exert any control over the market wage rate.

    Explanation:

    Remember, a labor market shows the availability of employment and labor, in terms of their supply and demand.

    This scenario occurs in a purely competitive labor market.

    In this market there many qualified workers with identical skills; meaning the workers share similar skills while the demand for such skills is high because of their importance to firms.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In a labor market comprising many firms hiring many workers with identical skills, which of the following is correct? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers