Explain how the equilibrium wage rate is established.

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asked Jul 22, 2021 76.1k views

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Whatever · Answer 1 · 2021-07-27T01:36:29+0000

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.

Explain how the equilibrium wage rate is established.

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