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Why are wages and salaries generally determined by the market for labor? The forces of supply and demand must be controlled by government regulation. Other
Why are wages and salaries generally determined by the market for labor? The forces of supply and demand must be controlled by government regulation. Other than minimum wage, the government does not determine pay for various jobs. Business firms have absolute control over wages of workers in the market for labor. The market for labor is the same as its related product market, so wages must match prices
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