claudiayanes74ovh33y claudiayanes74ovh33y

22-11-2020
Business

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Explain how the equilibrium wage rate is established.

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bryanna071205 bryanna071205

22-11-2020

Just as in any market, the price of labor, the wage rate, is determined by the intersection of supply and demand. When the supply of labor increases the equilibrium price falls, and when the demand for labor increases the equilibrium price rises.

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