When economists assume perfect markets for inputs, such as labour, they are not assuming
A) rational behaviour by workers and employers.
B) equity.
C) freedom of entry into all labour markets.
D) perfect knowledge by workers and employers.
E) workers are homogenous.
Correct Answer:
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Q1: A major change in the UK labour
Q2: When economists assume perfect markets for inputs,
Q4: Which of the following changes has occurred
Q5: If input markets were perfectly competitive, income
Q6: Which of these is not a determinant
Q7: The substitution effect of higher wages suggests
Q8: Economists call the sacrifice involved in working
Q9: As the wage rate per hour increases,
Q10: Assuming leisure is a normal good, if
Q11: If the income effect is smaller than
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