All Subjects
Light
Practice Quizzes
AP Microeconomics
Unit 5 – Factor Markets
Topic 5.3
Which of the following is a characteristic of a perfectly competitive labor market?
Firms can set the wage higher or lower than the equilibrium wage.
Firms can hire as many workers as they need or want at the market wage.
Workers have the power to set the wage in the market.
Firms have the ability to restrict the number of workers they hire.
Related content
Practice quizzes
Practice this subject
Practice this unit
Practice this topic
Study guides (1)
AP Microeconomics - 5.3 Perfectly Competitive Labor Markets
Key terms
Perfectly competitive labor market
About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
Stay Connected
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
About Us
About Fiveable
Blog
Careers
Testimonials
Code of Conduct
Terms of Use
Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Crisis Text Line
Request a Feature
Report an Issue
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
Back
Practice Quiz
Guides
Glossary
Guides
Glossary
Next
