The ethics justifying wage rate determination in a perfectly competitive labor market is
A) from each according to his or her ability, to each according to his or her labor supply
B) workers receive a wage rate equal to their marginal revenue product
C) the wage rate differentials workers receive are equal to the differentials in noncompeting labor markets
D) workers produce a good whose price alone determines their wage rate and determines as well the value consumers place on the good they produce
E) the wage rate that workers receive multiplied by the number of workers equals the sum of each worker's marginal revenue product
Correct Answer:
Verified
Q134: When the quantity demanded of labor exceeds
Q135: How do you explain why income inequality
Q136: Wage rate differentials between nations are likely
Q137: The more restrictive the government's immigration policies
Q138: The fact that movie star Brad Pitt's
Q140: Which of the following is not consistent
Q141: What happens to the MPP of labor
Q142: If the price of a motorcycle is
Q143: The marginal physical product of labor increases
Q144: Marginal physical product is measured in terms
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents