Each of the following conditions, except one, must be satisfied in a perfectly competitive labor market. Which is the exception?
a. There are a large number of buyers of labor services.
b. Wages are the sole source of household income.
c. There are no barriers to entering the market.
d. There are a large number of sellers of labor services.
e. All workers appear the same to buyers of labor services.
B
You might also like to view...
Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:
A) an increase in price and quantity. B) a decrease in price and an increase in quantity. C) a decrease in both price and quantity. D) an increase in price and a decrease in quantity.
Many cities in California have severe land-use laws and ordinances, which effectively takeoff the market large amounts of land for residential or commercial construction
If the demand for housing increases in these cities without any increase in the stock of housing or commercial buildings then what is the likely impact that this will have on home prices and commercial structures? How might this affect where corporations choose to locate factories?