Equilibrium in a Perfectly Competitive Market

Equilibrium in a Perfectly Competitive Market - equating...

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Equilibrium in a Perfectly Competitive Market While each labor market is different, the equilibrium market wage rate and the equilibrium number of  workers employed in every  perfectly competitive labor market  is  determined in the same manner: by 
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Unformatted text preview: equating the market demand for labor with the market supply of labor. The determination of equilibrium market wage and employment is illustrated in Figure 1 . Figure 1 Equilibrium in a perfectly competitive labor market...
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