Which of the Following Determines Equilibrium Wages in Perfectly Competitive

question 45

Multiple Choice

Which of the following determines equilibrium wages in perfectly competitive labor markets?

• A) The government.
• B) Monopoly employers.
• C) Where the supply and demand of labor are equal.
• D) The requirements of a living wage.

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Definitions:

UCC

Refers to the Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Destination Contract

A contract specifying that the seller will bear the cost and risk of the goods until they are delivered to a specific location.

Plywood

A type of engineered wood product made by gluing together several thin layers or plies of wood veneer.

Breach Of Warranty

occurs when a promised statement of fact about a product or service is not true or is violated.