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The correct answer is True: in a purely competitive labor market, market supply and market demand establish the wage rate
What is a wage rate
The financial compensation given to a worker for each "unit" of labor provided, typically calculated on an hourly basis or for each unit of product produced is called a wage rate
The wage rate in a labor market that is competitive is influenced by both the supply and demand for labor. A decreasing slope in the demand curve for labor as a factor input reflects a decline in labor productivity as more labor is consumed.
According to the Fair Labor Standards Act, an employee's hourly wage is considered to be their usual rate of pay. When deciding how much to pay an employee for extra labor, many employers look at their rate of pay.
Conclusively, even though you are paid an hourly rate, your normal rate of pay could be different if you also earned other compensation, such as bonuses, during that time.
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The correct answer is True: in a purely competitive labor market, market supply and market demand establish the wage rate.
What is a wage rate?
The financial compensation given to a worker for each "unit" of labor provided, typically calculated on an hourly basis or for each unit of product produced is called a wage rate
The wage rate in a labor market that is competitive is influenced by both the supply and demand for labor. A decreasing slope in the demand curve for labor as a factor input reflects a decline in labor productivity as more labor is consumed.
According to the Fair Labor Standards Act, an employee's hourly wage is considered to be their usual rate of pay. When deciding how much to pay an employee for extra labor, many employers look at their rate of pay.
Conclusively, even though you are paid an hourly rate, your normal rate of pay could be different if you also earned other compensation, such as bonuses, during that time.
Learn more about wage rate from;
brainly.com/question/7387724
#SPJ1
