Each of the following, except one, is a condition that characterizes a perfectly competitive labor market. Which is the exception

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22-07-2022
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Each of the following, except one, is a condition that characterizes a perfectly competitive labor market. Which is the exception

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baliyansmiriti baliyansmiriti · Answer 1 · 2022-07-30T18:09:03+02:00

Each of the following, except one, is a condition that characterizes a perfectly competitive labor market in option B. workers receive wages that are above their marginal revenue product (MRP).

In developing countries, labor markets play a central role in determining economic and social progress since employment status is one of the key determinants of exiting poverty. Ultimately, having a decent, well-paid, and secure job is the most sustainable path to increasing incomes and consumption levels.

That is, in the labor market, employers are willing to buy more hours of labor at lower wages than at higher wages. Although employers, who demand labor, prefer lower wages, workers, who supply that labor, prefer high wages.

Your question is incomplete. Please read below for the missing content.

Each of the following, except one, is a condition that characterizes a perfectly competitive labor market. Which is the exception?

a. Workers appear identical to firms.

b. Workers receive wages that are above their marginal revenue product (MRP).

c. There are no barriers to entering the labor market.

d. There are no barriers to exiting the labor market.

e. There are many buyers of labor in the market.

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