The equilibrium of a competitive labor market is associated, Ask an Expert

Economics

The equilibrium of a competitive labor market is associated with

(a) no unemployment as everyone has a job.

(b) no unemployment as everyone who wants a job at the equilibrium wage has one.

(d) some unemployment as some people do not have a job at the equilibrium wage.

(e) some unemployment as firms are not required to pay the minimum wage.

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