Which of the following conditions for a perfectly competitive labor market exists in actual labor markets?...

Which of the following conditions for a perfectly competitive labor market exists in actual labor markets?

a. workers in a given occupation are identical

b. workers have perfect information about the jobs and employers have perfect information about the workers.

c. there is no market power with either the workers or employers

d. All of the above.

e. None of the above.

Expert Solution

"E"

None of the above, no workers in the given occupation are identical and they do not have perfect information and anyone of them have some market power. Answer is "E".

Rahul Sunny answered 3 years ago

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