Unit 4: Labor and Efficiency: Resource Markets, Inequality, and Immigration

Lesson 13a: Wage Determination - Labor Markets

Labor Market Models

1. Competitive Labor Market in a Competitive Product Market (Lesson 12a) 2. Competitive Labor Market in an Imperfectly Competitive Product Market (Lesson 12a) 3. Monopsony 4. Union Model: increasing demand for labor 5. Union Model: craft (exclusive) union 6. Unon Model: industrial (inclusive) union 7. Union Model: bilateral monopoly 8. Minimum Wage (three models) a. traditional minimum wage model b. minimum wage in a monopsony c. minimum wage and the price elasticity of demand for labor

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