Department of Economics
Microeconomics and Behavior
Labor - Chapter 14
A. Labor markets in the short run
|Perfect Competition||Imperfect Competition|
|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?