
The assignment should include all 4 question’s answers combined in one file. Each question should be accompanied with a suitable diagram or graph as per the question’s requirement. The answers should describe each and every part of the question clearly.
- Explain two important differences between the labour market and the product market.
- Explain why the value of the marginal-product curve for labour is also the demand-for-labour curve in a perfectly competitive labour market.
- Explain two factors which shift the demand for labour and two factors which shift the supply of labour.
- Provide four reasons why some workers receive higher wages than other workers.
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