Select all that apply What are the assumptions that theories of labour markets usually begin with? (There are multiple correct answers.) Multiple select question. A single employer has no advantage if it pays above or below the market rate. People are homogeneous and therefore interchangeable. The markets faced by employers are essentially noncompetitive. Employees need to be retained at all costs as they are irreplaceable. Employers always aim to maximize profits. All costs associated with employment are reflected in pay rates