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ECS2604 Assignment 1 of 2021
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ECS2604 ASSIGNMENT 01:2021 S1ASSIGNMENT 01/2021 (First Semester)
MODULE ECS2604
SUBMISSION DATE 12 MARCH 2021
UNIQUE NUMBER 847791
1
For academic need contact 065 160 9781 / info@unitutorials.co.za
, Question 1.1 is based on the following diagram which represents equilibrium in a perfectly
competitive labour market.
[1] At point e wages equal demand for labour
[2] At point e the market is in equilibrium
[3] Workers are perfectly mobile seeking better wages
[4] There is perfect competition between employees and employers
[5] All the above are correct
The labor market is in equilibrium when supply equals demand; e workers are employed at a wage of
W2. In equilibrium, all persons who are looking for work at the going wage can find a job
1.2 Which one of the following is not viewed as a characteristic of a perfectly competitive labour
market?
[1] There is full and perfect knowledge of the market.
[2] Workers and employers are entirely rational.
[3] Workers are perfectly mobile.
[4] There is perfect competition.
[5] Employees and employers have an influence over the market wage.
A perfectly competitive labour market will have the following feature:
✓ Many firms
✓ Perfect information about wages and job conditions
✓ Firms are offering identical jobs
✓ Many workers with same skills
1.3 Questions 1.3 to 1.4 are based on the following diagram.
2
For academic need contact 065 160 9781 / info@unitutorials.co.za
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