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Introduction to Economics 1
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi Factors of Production and Factor Markets soru cevapları
INTRODUCTION TO ECONOMICS I (İKTİSADA GİRİŞ I) - (İNGİLİZCE) Dersi Factors of Production and Factor Markets soru detayı:
SORU:
When supply and demand meet, the equilibrium wage rate is established.
CEVAP:
if wages are as low, workers do not want to work that much but firms demand more workers. So, there will be excess demand and the wage will increase. Wage is the equilibrium or market-clearing wage where labor demand is equal to labor supply.