Term
| Labor market equalibrium coordinates the desires of ______ and _______, determining the ______ and _______ |
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Definition
| firms, workers, wage, employement rate |
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Term
A ______ is one buyer of labor |
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Definition
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Term
A _______ is where there is one seller of labor |
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Definition
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Term
| In a single competitive labor market, the market is always moving to __________, but it is unlikely that it is ever reached. |
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Definition
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Term
| _________ is the condition when all possible gains from trade have been exhausted |
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Definition
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Term
| In a pareto efficiency, to _________ one person's welfare will decrease another's welfare |
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Definition
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Term
| In labot market equalibrium, all persons can find a job at the _________ |
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Definition
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Term
A competitive market _________ gains from trade |
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Definition
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Term
| If workers were perfectly mobile and entry/exit to market was free, there would be a _________ |
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Definition
| single wage for all workers |
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Term
| The allocation of workers to firms equating the wage to the vlaue of marginal product is known as _________ |
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Definition
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Term
When two labor markets are linked by migration, wages are ________ across regions |
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Definition
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Term
| Payroll taxes assessed on employers lead to a _________ to the ________ |
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Definition
| downward shift, demand curve |
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Term
Payroll taxes _______ the cost of employement, thereby _________ an economy's employment |
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Definition
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Term
Firms pay ______ the amount that workers pay as a result of payroll taxes |
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Definition
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Term
A payroll tax assessed on a firm with inelastic supply is shifted completely to ________ |
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Definition
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Term
An employment subsidy _______the cost of hiring for firms |
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Definition
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Term
Payroll subsidies shift demand curve for labor_______ |
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Definition
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Term
| Immagrants and natives are _________ in production |
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Definition
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Term
As immagrants enter the labor market, the supply curve _______, total employment ________, and the equalibrium wage ________ |
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Definition
| shifts right, increases, decreases |
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Term
| Increases in immigration _______ wages and employment of natives |
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Definition
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Term
As immagration increases, competing workers will have _______wages, complimentary workers will have ______ wages |
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Definition
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Term
| In the short run, immigration shifts ________ outward |
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Definition
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Term
| In the long run, immigration _______ employment |
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Definition
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Term
_________ markets exist when a firm is a lone buyer of labor |
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Definition
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Term
The two kinds of monopsony markets are ______and ______ |
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Definition
| discriminating, nondiscriminating |
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Term
In a discriminating monopsony, each worker is paid his or her _______ |
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Definition
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Term
In nondiscriminating monopsonies, firms must pay workers ________ regardless of workers' __________ |
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Definition
| equally, reservation wage |
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Term
In a nondiscriminating monopsony, to attract more workers, a firm must __________, resulting in __________ employees then a competitive market |
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Definition
| raise all workers wages, fewer |
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Term
A perfectly discriminating monopsonist will hire __________ workers as that of a competitive market, but at each workers' ________ |
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Definition
the same amount of, reservation wage |
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Term
In a nondiscriminating monopsony, marginal cost of hiring ________ the wage, marginal cost curve lies ___________ the supply curve |
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Definition
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Term
| In a nondiscriminating monopsony, the slpoe of the marginal cost curve is ________ as steep as the supply curve |
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Definition
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Term
A minimum wage on a nondiscriminating monopsony __________ employment ans wages |
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Definition
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Term
_______ are firms that can influence the price of the product they sell |
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Definition
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Term
| monopolists face a __________ market demand curve for its output |
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Definition
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Term
| For a monopolist, the marginal revenue curve decreases ________ as fast as the demand curve |
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Definition
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Term
In a monopoly, a workers marginal revenue product is _________ than his value of marginal product |
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Definition
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Term
| A worker's marginal revenue product is ___________ X ___________ |
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Definition
| marginal product , marginal revenue |
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