Question

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

Answer 1

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

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