which of the following statements is correct? in contrast to competitive goods markets, in the labour market, sellers have market power. the market clears in both competitive goods and labour markets. the market equilibrium is efficient (no deadweight loss) in both the competitive goods market and the labour market. unlike in the competitive goods market, the exercise of power affects outcomes in the labour market.

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10-12-2022
Business

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which of the following statements is correct? in contrast to competitive goods markets, in the labour market, sellers have market power. the market clears in both competitive goods and labour markets. the market equilibrium is efficient (no deadweight loss) in both the competitive goods market and the labour market. unlike in the competitive goods market, the exercise of power affects outcomes in the labour market.

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-12-18T10:30:35+01:00

The use of power has an impact on results in the labor market, in contrast to the competitive products market. Consumer rivalry is fueled by a competitive market.

In a competitive market, many producers are in direct competition with one another in order to offer the goods and services that customers like you and me want and need. In other words, no single producer has the power to control the market. Similarly to producers, no single consumer has the power to control the market. In terms of product quantity and pricing, this idea is also valid. A single manufacturer or customer cannot determine the cost of an item or the number of units that will be produced. Agriculture is a prime illustration of a competitive market. There are thousands of farmers, but none of them has the power to affect the market or the price depending on the amount of produce they produce.

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