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Which of the following statement(s) about the 'labour market' is are...

This question belongs to Management Labour And Social Welfare
Labour and Social Welfare
?

Which of the following statement(s) about the 'labour market' is/are true?
1. Like a commodity market, the relationship between a buyer and a seller in a labour market is temporary.
2. There is a diversity of wage rates in a labour market even for similar nature of work.
3. Monopoly in the labour market is extremely rare.
4. Monopsony referring to the buyer's control is more in the labour market.

Answer & Solution
Correct Answer: Option A
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