Equilibrium wage ?

Question

a. is the same in all labor markets

b. occurs where supply of labor curve begins to bend backwards

c. cannot be calculated because there are so many labor markets

d. occurs where the market demand for labor equals the market supply of labor

e. is irrelevant because of unions

Answer 1

d is the answer they want. However Labor is not a commodity because  workers are different, so there is no  equilibrium wage. Labor markets do not clear and there is always unemployment so c is also correct.

Answer 2

d is the right one

Answer 3

Occurs where the market demand for labour equals the market supply of labour.

Answer 4

d

meg contradicted herself.  If there is unenmployment, there has to be an equilibirium wage.  Unemployment means that the wage is set above equilibirium.

You guys need to learn what equilbirium wage means. lol c is wrong.  Equilibirum wage refers to a specific market, not the whole economy.