Asked by
Taylor Beecher
on Oct 12, 2024
Verified
In a perfectly competitive labor market,when a firm hires more labor
A) wages will increase.
B) wages will decrease.
C) wages will remain the same.
Perfectly Competitive Labor Market
A theoretical market where numerous employers and employees interact, with no single entity able to influence wages or working conditions.
Wages
The compensation received by employees for their labor, typically expressed as an hourly rate or annual salary.
Labor
Labor refers to the human effort, both physical and mental, used in the production of goods and services.
- Uncover the tie between marginal revenue product and the necessity for labor and inputs among enterprises.
Verified Answer
RW
Learning Objectives
- Uncover the tie between marginal revenue product and the necessity for labor and inputs among enterprises.