Question

Choose the statement that is incorrect. Select one: Labour services are the physical and mental work...

Choose the statement that is incorrect.

Select one:
Labour services are the physical and mental work effort that people supply to produce goods and services.
A labour market is a collection of people and firms who trade labour services.
The price of labour services is the wage rate.
Most labour services are traded on a contract, called a job.
All labour markets are competitive.
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Answer #1

Answer. All labour markets are competitive.

Explanation:The question is to identify the incorrect statement. All other statements are correct for the labour market except the last one. Not all labour markets are competitive. A competitive labour market would be one where there would be large number of labour suppliers and demanders. Thus only the market wage rate would prevail and no one sole party would be able to influence wage rates. But it is not the case in daily life. Somewhere labour suppliers are more and somewhere labour demanders are more. And thus either labour unions or firm unions are able to influence wage rates according to their likes.

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