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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What forces and factors determine the wage rate for a particular type of labor?

To determine

Forces and factors that determine the wage rate for a particular type of labor.

Explanation

Wage rate is determined by the market forces of demand and supply of labor. On the demand side, the demand for labor is the MRP (Marginal Revenue Product) curve, which depends on the factors such as MR (Marginal Revenue) and MP (Marginal Product). If the firm is a price taker, MR will be equal to price, which is also a determinant of the market forces...

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