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IrinaK [193]
2 years ago
9

Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services

of labor. the labor supply curve of the individual firm is:___.
Business
1 answer:
Kisachek [45]2 years ago
4 0

The market for labor can be divided into two components, labor demand , and labor supply .

Market labor supply curves are determined more by the number of individuals who choose to supply their labor to that market than the number of hours each supplies.

So at higher wage rates relative to other markets, more people choose to supply labor in that particular market and the curve is always up-sloping.

In perfectly competitive labor and product markets, labor supply curves   always measure marginal opportunity costs. The shorter the time period will be and the more specialized the type of labor will be , the less elastic the labor supply curve will be.

To know more about labor supply curve here:

brainly.com/question/13540328

#SPJ4

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Answer:

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Option A i.e 30.55 year

Explanation:

we know that capital can be calculated as

Capital = EMI \times PVIFA

capital = EMI \times \frac{(1+r))^n -1}{r (1+r)^n}

from the data given in question we can calculate the value of r

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solving for r we get

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we know that

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from the data given we can evealueate the value of n

8,452,622 = 40,000 \times \frac{(1.11)^n -1}{0.11}

\frac{8452622}{40000}\times 0.11 = (1.11)^n -1

solving for n we get

n = 30.55 year.

Option A

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