The price paid for labour services is the?

Assessment: JAMB UTME - Economics - 2001 Subject: Economics

Question 1 Report

The price paid for labour services is the?
Answer Details
The correct answer is "wages rate." The wages rate is the price paid for labor services. It is the amount of money that employers pay to workers in exchange for the labor services they provide. This is usually expressed in terms of an hourly, daily, weekly, or monthly rate of pay.
Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on Market Structures (WAEC)
Read lesson note on Population And Labour Market (WAEC)
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