The following tables show the demand and supply schedules in U.S. and Canadian labor markets: Canada
What is the wage differential between Canada and the United States? What kinds of changes (directional) would you expect to occur in both the supply of and demand for labor in both countries?
Answer to relevant QuestionsMonopolies earn monopoly profit. What is it that monopsonies earn? How is it derived? Compare closed and union shops. If you were an employed union member, which type of shop would you prefer? Why? If you were a job seeking nonunion worker, which type of shop would you prefer? Why? If you know how wage rates are determined, you should know how interest rates are determined. The same tools apply. Discuss. Suppose you were interested in buying the New York Yankees. If the Yankees generated an annual income of $30 million and if the rate of interest was 10 percent, what would be the present value of the New York Yankees? If the ...How much wage-related rent is generated in the labor market when the equilibrium wage rate is $20?
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