Explain how the competitive labor market functioned before the buyout of the independent farms. How was the wage rate and quantity of workers employed in the market determined?

Answer: The wage rate and quantity of workers employed in the market is determined by the forces of demand and supply

Explanation:

The competitive labour market is a market where we have so many employers alongside many employees in which one employer can not influence the wage rate unilaterally. In a competitive labour market, the wage rate is determined by the forces of demand and supply. In a competitive labour market, if demand for labour is more than the supply for it, the wage rate will rise, on the other hand, if the supply is more than the demand for labour the wage rate will fall. If both demand and supply is at equilibrium in the market, the wage rate will be to the benefit of both the employers and the employees.