ECONOMICS
PRICE CEILINGS AND FLOORS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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suppliers
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demanders
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sellers
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buyers
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Detailed explanation-1: -A labor market is a collection of buyers and sellers of labor, where labor is the commodity. The buyers are the employers, and the sellers are the workers. The labor market is where the forces of supply and demand interact to determine the price of labor, which is the wage.
Detailed explanation-2: -The labor market is also divided into two types: external and internal.
Detailed explanation-3: -For example-The Labour of engineer, doctor, teacher and a scientist has been called as skilled Labour. ADVERTISEMENTS: While the work in which special knowledge, training or learning is not required is known as unskilled labour.
Detailed explanation-4: -The labor market refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand.