In a perfectly competitive labor market, employers will not pay less than the market wage because at a wage below the equilibrium
A) there would be a surplus of workers.
B) they would be inundated with excess workers.
C) they would not be able to hire anyone.
D) the equilibrium wage would rise.
Correct Answer:
Verified
Q7: In a labor market, the quantity is
A)the
Q8: In a labor market graph, _ is
Q9: As wage rises, the opportunity cost principle
Q10: According to the cost-benefit principle, the number
Q11: In a perfectly competitive labor market, employers
A)pay
Q13: In a perfectly competitive labor market, employers
Q14: In a perfectly competitive labor market, the
Q15: Which of the following is NOT a
Q16: The marginal product of labor is the
A)amount
Q17: The marginal revenue from hiring an additional
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