In the Canadian economy, wage rates for various types of labor are determined primarily by:
A)the federal government.
B)the provincial governments.
C)the supply and demand for the various types of labor.
D)businesses.

Question

Quizplus · Accepted Answer

In a market economy like Canada, wage rates for different types of labor are primarily determined by the supply and demand of that particular type of labor. Businesses will compete for workers, driving up wages if the demand for labor is high, and will lower wages if the demand for labor is low. While there may be some government regulations and minimum wage laws in place, they do not typically have as significant an effect on determining wage rates as supply and demand.

In the Canadian Economy, Wage Rates for Various Types of Labor