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AP Microeconomics
Unit 5 – Factor Markets
Topic 5.3
Which of the following is a characteristic of a perfectly competitive labor market?
Firms can set the wage higher or lower than the equilibrium wage.
Firms have the ability to restrict the number of workers they hire.
Workers have the power to set the wage in the market.
Firms can hire as many workers as they need or want at the market wage.
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AP Microeconomics - 5.3 Perfectly Competitive Labor Markets
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Perfectly competitive labor market
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Cram Mode
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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