Which of the following is NOT an imperfection that causes real world labor markets to deviate from the simple labor supply and demand model?

Question

Quizplus · Accepted Answer

The Law of Diminishing Returns is a principle in economics that describes the eventual decrease in the output of production as one input factor is incrementally increased, holding all other factors constant. It does not directly relate to imperfections in labor markets like wage rigidities, unequal bargaining power, or legal considerations, which are factors that cause deviations from the simple labor supply and demand model.

Which of the Following Is NOT an Imperfection That Causes