In a labor market, the market rate is where the lines for labor demand and labor supply cross.

Name: In a labor market, the market rate is where the lines for labor demand and labor supply cross.
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Quizplus · Accepted Answer

This is correct. The market rate, also known as the equilibrium wage, is determined by the intersection of the labor demand and labor supply curves. At this point, the quantity of labor supplied by workers matches the quantity of labor demanded by employers, leading to a market clearing wage rate.

In a Labor Market, the Market Rate Is Where the Lines