1. In a competitive labor market any one firm has complete control over the wage that...
1. In a competitive labor market any one firm has complete control over the wage that it pays its workers. True – False Explain.
2. If the firm is minimizing cost it must also be maximizing profit.
Agree or Disagree? Why?
Homework Answers
1 - False
A competitive labor market means perfectly competitive market where the wage is determined by the industry and not the individual firm. Hence a single firm in the industry has no control over the wage rate of the labor in market. The demand curve is perfectly elastic.
2 - I agree with the point.
If a firm minimises its cost then it will certain maximise the profits because after than point if there will be any increase in the cost then the profits will reduce hence at the minimum cost the profits of the firm will be maximum.
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