In a competitive labor market, workers and employers have the ability to freely enter and exit the market. This means that workers can choose to work for different employers or industries, and employers can choose to hire different workers or adjust their workforce size.
In a competitive product market, businesses have the ability to freely enter and exit the market, and consumers have the ability to freely choose from different products or suppliers. This means that businesses can compete with each other by offering different products or prices, and consumers can choose which products to purchase based on their preferences and budget.
Overall, competitive labor and product markets are characterized by the absence of barriers to entry or exit, allowing for competition and market forces to determine prices, wages, and overall market outcomes.
The competitive labor and product market equal to
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