SUBJECT: MICROECONOMICS

NOTE: FOLLOW THE FORMAT CORRECTLY

1. Briefly explain the following characteristics of a Perfectly Competitive Labor Market:

a. Large number of firms trying to hire an identical type of labor. (explain in 100 words count) b. Numerous qualified people independently offering their services. (explain in 100 words count) c. Neither firms nor workers have no control over the market wage (explain in 100 words count) d. Perfect, costless information and labor mobility. (explain in 100 words count)

2. Distinguish the different Determinants of Labor Supply and Labor Demands. (explain in 300 words count)