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Wage is the rental price of labor, same concept applies to the rental prices of land and capital.

True
False

User Jazgot
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Final answer:

The wage is indeed the rental price of labor, similar to the rental prices of land and capital.

Step-by-step explanation:

True.

The concept of wages is part of the theory of labor markets in economics. Similar to the rental price of land and capital, the wage is the rental price of labor services. It is determined by the interaction of supply and demand in the labor market, similar to how prices are determined in other markets.

User Knt
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