Why does the labor market have more than one equilibrium wage rate?
A) Workers differ in their productivities.
B) Productivity of the workers initially increase but later decline.
C) The labor demand curve is backward bending.
D) Marginal revenue product of the different inputs used by firms vary.
E) Employers compete among themselves to hire the best workers.
Correct Answer:
Verified
Q7: Which of the following statements contradicts the
Q8: The figure given below shows the demand
Q9: The labor demand curve is based on
Q10: The figure below shows the supply curve
Q11: It is said that a wage increase
Q13: The figures given below show the demand
Q15: The figure given below shows the demand
Q16: Which of the following is a true
Q17: The term compensating wage differential refers to:
A)the
Q19: The figure given below shows the demand
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