These quizzes are designed to help A Level Economics students test their knowledge and understanding of Competitive Labour Markets and Wage Determination.
Launch each quiz using the links below:
The equilibrium market wage rate is at the intersection of the supply and demand for labour. Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.
Have a look at a quick revision video covering this key topic
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