We can work on Impact of introduction for minimum wages

If we are interested in the effect on unemployment, however, we must look at both demand and supply. A worker is counted as unemployed if he or she is looking for a job but does not currently have a job. The labor supply curve tells us how many workers are willing to work at a […]

Why people get paid differing wages

(2 points) Why do people get paid differing wages? What compensating differentials may occur? Give examples. (2 points) How do unions change the labor market? Give the pros and cons of unions. Do you think they are necessary? Why or why not? Remember to consider unions in conjunction with monopsonies. (4 points) Watch the following […]