In the market for labor, the price of labor is the:
A)same as price of the product produced by the labor.
B)real wage.
C)marginal product of labor.
D)number of hours employed per year.

Name: In the market for labor, the price of labor is the: A)same as price of the product produced by the labor. B)real wage. C)marginal product of labor. D)number of hours employed per year.
Brand: Quizplus
Rating: 4.9 (21 reviews)

Question

Quizplus · Accepted Answer

In the market for labor, the "price" is the real wage paid to workers in exchange for their services.

In the Market for Labor, the Price of Labor Is