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Wage Determination and the Allocation of Labor
Examine the wage determination, the allocation of labor, and the alternative payment schemes.
Explain at least four characteristics/features of a perfectly competitive labor market (many buyers and sellers, free entry, perfect information, wage taker, etc.) and explain the wage and employment determination in a perfectly competitive market and explain:
- The Equilibrium;
- Determinants of Labor Supply;
- Determinants of Labor Demand.