In such a market at a fixed rate of wages any number of workers are freely available

In such a market at a fixed rate of wages any number of workers are freely available

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In such a market at a fixed rate of wages any number of workers are freely available. Moreover, even a fixed competition wage rate was supposed to be equal to the subsistence needs of an average worker. This is no longer held as true in modern labor markets where strong trade unions are present. Both on the demand and supply sides, the labor market is not governed by purely
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Unformatted text preview: economic considerations. There are social, ethical and political aspects of labor market which often form part of the discussion. Meanwhile we will restrict ourselves mainly to economic considerations leading to demand for and supply of labor....
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