Labour markets are governed by the force(s) of:

Question

Quizplus · Accepted Answer

Labour markets are primarily influenced by the forces of supply and demand. The supply of labour is the number of individuals willing to work at a given wage, while demand for labour is the number of workers employers are willing to hire at a given wage. As these forces interact, they determine the prevailing wage rate in the labour market. Other factors, such as regulation, can also influence the market, but ultimately it is the forces of supply and demand that determine the equilibrium wage rate.

Labour Markets Are Governed by the Force(s) Of