A-LevelEconomicsThe price system and the microeconomy9708/42 · Oct/Nov 2018 · Q425 Marks
Consider whether wages are only determined by the market forces of supply and demand.
- Consider whether wages are only determined by the market forces of supply and demand.[25]
Mark scheme
Marking points from the official mark scheme (Oct/Nov 2018). The mark or mark type is shown in brackets.
- [25] The use of supply and demand to explain the determination of wages. The demand for labour explained through the marginal revenue productivity theory. Consideration of elasticities of supply and demand on wage level. A discussion of the impact of minimum wage levels, government, the intervention of a Trade Union, and monopsonistic employers.
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