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What is not a characteristic of a perfectly competitive labour market?
Which of the following factors will make a labour market less competitive?
Taki hopes to become a dentist one day. In the meantime, like many of his friends, he is selling sweets at the local taxi rank. The following diagram shows his cost and revenue curves.
Given the market price, the Taki's total cost per day is
The ________ effect of a wage increase states that a higher wage rate increases workers' real income, and thus increases their demand for all normal goods, including leisure, which decreases the quantity of labour supplied.