Multiple Choice
Determination of the price of labor under perfect competition is based on the assumption that
A) labor is the sole input in the production process.
B) buyers of labor are output maximizers.
C) prices of inputs and outputs are taken by firms as given.
D) the supply curve of labor slopes upward.
E) all occupations are equally desirable.
Correct Answer:
Verified
Correct Answer:
Verified
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