Temple University
Department of Economics
Economics 201
Microeconomics and Behavior
Labor - Chapter 14
A. Labor markets in the short run
| Product Market | |||
| Perfect Competition | Imperfect Competition | ||
| Labor Market |
Perfectly Competitive | VMP = w | MRP = w |
| Imperfect Competition | VMP = MFC | MRP = MFC | |
B. Why does the bricklayers wage keep rising: She can work at most 24 hours per day and there are no productivity gains.
C. In the long run; we are all dead.
D. Is leisure Giffen
E. What do minimum wage laws do?