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  • 22-11-2020
  • Business
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Explain how the equilibrium wage rate is established.

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bryanna071205
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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