Explain how government activities affect wage determination.
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Explain how government activities affect wage determination.
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Answer:
A reward for human capital - in a competitive labour market equilibrium, wage differentials compensate workers for (opportunity and direct)
Explanation:
In a competitive labor market, wages are determined by the supply of and the demand for labor. In such a market, both the firms who hire the labor and the workers who supply it are price takers. Neither can really impact the price of labor (the wages). In such a case, wages are determined solely by supply and demand.
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