FIGURE 14- 5
-Refer to Figure 14- 5. If this labour market were perfectly competitive, the predicted wage and employment level would be

Name: FIGURE 14- 5 -Refer to Figure 14- 5. If this labour market were perfectly competitive, the predicted wage and employment level would be
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In a perfectly competitive labor market, the wage is determined where the supply and demand for labor intersect. This is typically at the equilibrium point, which in this case is W2 and Q3.

FIGURE 14- 5 -Refer to Figure 14- 5. If This Labour Market Were