Table of Contents
The Labor Market
The Labor Market
The Firm Buys Inputs in a Perfectly Competitive Market
Diminishing Returns and the Optimal Quantity of Labor
The Marginal Cost of Labor
The Marginal Benefit of Labor
The Firm Faces Diminishing Returns in the Short Run
Marginal Benefit and Diminishing Returns
The Marginal Benefit (Demand) and the Marginal Cost (Supply) of Labor
How Many Workers Will the Firm Hire?
Shifts in the Demand for Labor Curve
The Short-run Market Demand for Labor
Labor Demand in the Long Run
Labor Demand in the Long Run
Short-run Versus Long-run Labor Demand
The Supply of Labor
The Individual Decision: How Many Hours?
The Demand for Leisure
The Demand for Leisure
The Demand for Leisure
The Market Supply Curve
Reasons for the Positive Slope of the Labor Supply Curve
Market Equilibrium
Explaining Differences in Wage and Income
Gender Discrimination
Race Discrimination
Why Do College Graduates Earn Higher Wages?
Public Policy and Labor Markets: Effects of the Minimum Wage
Public Policy and Labor Markets: Occupational Licensing
Public Policy and Labor Markets: Occupational Licensing
Labor Unions
Unionization Rates in the United States
Important Pieces of Labor Legislation
Labor Unions and Wages
Imperfect Information in the Labor Market
Efficiency Wages
Monopsony Power
Marginal Labor Cost for the Monopsonist
Labor Supply and Marginal Labor Cost for the Monopsonist
Monopsony Versus Perfectly Competitive Firm
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