CUET Economics 2025 28 May Shift 2 PYQs

The wage rate at which the labour market is in equilibrium is a point where.

1. Labour demand=0
2. Labour Demand= Labour Supply
3. Labour Supply=Labour Demand=0
4. Wages= Marginal Revenue from labour x Price

The market determined wage rate is $500 per month whereas the minimum wage fixed by the government is $$450 per month. As a result of this government intervention,

Firms can choose where to locate production and workers to choose where to work. There are various immigration laws which restrict the movement of labour between countries. This market is called...