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23 February, 01:43

In a labor market comprising many firms hiring many workers with identical skills, which of the following is correct?

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  1. 23 February, 03:29
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    Individual firms and workers are wage takers because they cannot exert any control over the market wage rate.

    Explanation:

    Remember, a labor market shows the availability of employment and labor, in terms of their supply and demand.

    This scenario occurs in a purely competitive labor market.

    In this market there many qualified workers with identical skills; meaning the workers share similar skills while the demand for such skills is high because of their importance to firms.
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