ZuoTi.Pro
Question

Discuss how competitive markets determine the wage rate and the quantity of labor that should be employed. Also are labo...

Discuss how competitive markets determine the wage rate and the quantity of labor that should be employed. Also are labor markets really competitive or are there laws or other factors that limit the competition in them?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

They determine wage according to supply and demand. Onditions. Wage is determined by market and is set at level dictated by intersection of supply and demand

No they are not fully competitive. Problems like ASSYMETRIC information, labour unions, need for certain qualifications, geographical distance, immigration laws etc reduce competitiveness

0 0
Add a comment
Know the answer?
Add Answer to:
Discuss how competitive markets determine the wage rate and the quantity of labor that should be employed. Also are labo...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Due Thursday Respond to the following in a minimum of 175 words: Discuss how competitive markets...

    Due Thursday Respond to the following in a minimum of 175 words: Discuss how competitive markets determine the wage rate and the quantity of labor that should be employed. Due Monday

  • A)In a labor market that is purely competitive (P.C.), one occupation's wage rate is growing while...

    A)In a labor market that is purely competitive (P.C.), one occupation's wage rate is growing while the equilibrium quantity of labor input (QL, employees*hours) hired is rising, while in a similar occupation the wage is also growing but the equilibrium QL is falling -- what must be happening to the labor demand in these markets? B)In a recent media story, a professor (not yours!) was quoted saying, "ironically, if the coronavirus continues to spread, companies may try to accelerate the...

  • Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are deter...

    Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are determined if the labor market is purely competitive. Il. Discuss and graph one model of employment and wage determination between a monopsonistic employer and a labor union. Describe and contrast how the levels of employment and wage rate are determined if the labor market is purely competitive.

  • Labor and Financial Markets: Reading 4.1: Markets for labor have demand and supply curves, just like...

    Labor and Financial Markets: Reading 4.1: Markets for labor have demand and supply curves, just like markets for goods. The law of demand applies in labor markets this way: A higher salary or wage—that is, a higher price in the labor market—leads to a decrease in the quantity of labor demanded by employers, while a lower salary or wage leads to an increase in the quantity of labor demanded. The law of supply functions in labor markets, too: A higher...

  • Suppose that we have perfectly competitive input markets (for both capital and labor) and output markets....

    Suppose that we have perfectly competitive input markets (for both capital and labor) and output markets. Firm "Tropical Juice" produces orange juice which it sells at $6. The input price that the firm faces is an hourly wage of $5 and the rental rate of $2. Furthermore, the firm currently has a capital stock of 2. Find the labor demanded by the firm in the short run under the following production technologies. a) f(k,l) = k0.1l0.9 b) f(k,l) = max{k,...

  • DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers)...

    DQ #4 We can say there are three labor markets. The unskilled labor market (manual laborers) tends to be the most competitive as it has no entry barriers and its wages tend to be the lowest. The semi-skilled labor market (electricians, machinists, assembly line workers) is somewhat less competitive and has some moderate entry barriers (apprenticeships, master's licenses, unions) where its wages tend to be higher than in the unskilled labor market. The highly skilled labor market (doctors, economists, lawyers...

  • 18.)A profit-maximizing firm in a competitive market should stop employing additional units of a factor when...

    18.)A profit-maximizing firm in a competitive market should stop employing additional units of a factor when a.)marginal revenue of the factor is maximized b.)price of the product is greater than the marginal cost of the factor c.)marginal cost of employing the factor is minimized d.)value of the marginal product of the factor equals the price of the factor e.)marginal product of the factor is maximized 19.)A firm in a competitive market will employ additional capital until its value of the...

  • ural Wage (in foad units) rban Wage (in foad units) 72 12 70 90 100 The...

    ural Wage (in foad units) rban Wage (in foad units) 72 12 70 90 100 The graph drawn above is related to the Harris-Todaro model of rural to urban migration. The curve RR' is the demand curve for rural labor and the curve UU' is the demand curve for urban labor. These demand curves show the marginal productivity of labor on the vertical axis. The economy has 100 million urban and rural workers, who are looking for jobs. Assume that...

  • Leadbelly Co. Sells pencils in a perfectly competitive product market and hires in a perfectly competitive...

    Leadbelly Co. Sells pencils in a perfectly competitive product market and hires in a perfectly competitive labor market. assume that the market wage rate for workers is $150 per day. A. What rule should Leadbelly follow to hire the profit-maximizing amount of labor? B. At the profit-maximizing level of output, the marginal product of the last work or hired is 30 boxes of pencils per day. Calculate the Price of a box of pencils. C. Draw a diagram of the...

  • please help! Principles of Microeconomics-Assignment No. 3 Use the following table to determine the optimal input...

    please help! Principles of Microeconomics-Assignment No. 3 Use the following table to determine the optimal input usage of labor. Labor can be hired for S14 per hour (there are no other costs involved in employing labor). Labor Qty/hr. 10 Price $18.00 8.69 6.25 5.40 5.06 4.85 4.75 4.70 If the firm sells its output in a competitive output market for $5 per unit (ignore the Price column for this question), then how many workers should be employed in order to...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT