The market demand for the Labour and the market supply of labour jointly determines which of the…
In a competitive labour market, the intersection of the downward-sloping market labour demand curve and the upward-sloping market labour supply curve jointly determines both…
Choose your answer
The market demand for the Labour and the market supply of labour jointly determines which of the following?
A. An equilibrium level of wage rate
B. The maximum level of wage rate
C. An equilibrium level of employment
D. The minimum level of employment Choose the most appropriate answer from the options given below:
Answer and explanation
Correct answer C
In a competitive labour market, the intersection of the downward-sloping market labour demand curve and the upward-sloping market labour supply curve jointly determines both the equilibrium market wage rate (A) and the equilibrium level of employment (C).
Practice for these exams
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UGC NET HRM / Labour Welfare and Industrial Relations