Economics A-Level
Wage takers
What Wage takers means in Economics A-Level, as defined for AQA.
Definition of Wage takers
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Reference: AQA
Individual firms that must pay the ruling market wage and face a perfectly elastic supply of labour curve.
Topics that use Wage takers
- The determination of relative wage rates and levels of employment in perfectly competitive labour markets (AQA A-Level)
Related terms
- Imperfect information
- Labour immobility
- Labour markets
- Marginal revenue product
- Market equilibrium
- Monopsony
- Perfect competition
- Supply and demand
Using Wage takers in the exam
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