The Labor Department reported a slowdown in hiring but not all the news about jobs is gloomy.
Question:
The Labor Department reported a slowdown in hiring but not all the news about jobs is gloomy. McDonald’s plans to raise wages in a strengthening labor market. And Walmart plans to raise wages to a minimum of $9 an hour.
Explain why jobs growth is slow in some parts of the economy and strong in others. Why would McDonald’s and Walmart raise the wage rates of their workers?
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Firms hire the quantity of labor at which the VMP of labor equ...View the full answer
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