Which of the following would prevent a labor market from being classified as perfectly competitive?
A) It is difficult for new workers to enter the market.
B) All workers have the same abilities.
C) Exiting the market is easy for workers who are currently in the market.
D) Both buyers and sellers of labor are well-informed about market conditions.
E) Each firm hires only a tiny fraction of the total labor in the market.
Correct Answer:
Verified
Q7: A market in which resources are traded
Q8: In a perfectly competitive labor market
A)all firms
Q9: In a perfectly competitive labor market,
A)some workers
Q10: In factor markets,firms _ and households _.
A)demand
Q11: In factor markets,
A)individual consumers are the demanders
B)equilibrium
Q13: A firm's labor demand curve is derived
Q14: The most appropriate type of labor market
Q15: A firm that sells its output and
Q16: The perfectly competitive model is most likely
Q17: A labor market differs from a product
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