Which statement is the best explanation of the market theory of wage determination? Mangement lends to pay a lower wage to workers who support unions. A worker's pay rate is set by supply of and demand for that worker's skills Management is more willing to pay a high wage to a worker with advanced education A worker's value in the lator market is determined primanty by that worker's senionty. Clear my selection

The best explanation of the market theory of wage determination is:<br /><br />A worker's pay rate is set by the supply of and demand for that worker's skills.<br /><br />The market theory of wage determination suggests that the pay rate for a worker is determined by the supply and demand for their specific skills in the labor market. If there is a high demand for a particular skill set and a limited supply of workers with those skills, the pay rate for that position will be higher. Conversely, if there is a low demand for a particular skill set and a high supply of workers with those skills, the pay rate for that position will be lower.