CHAPTER 9 LABOR MARKETS AND WAGES Figure 1
CHAPTER 9 LABOR MARKETS AND WAGES
Figure 1: Output Markets and Resource Markets Ch. 2 / Scarcity, Choice, and Economic Systems
Figure 2: A Competitive Labor Market Ch. 2 / Scarcity, Choice, and Economic Systems
Figure 3: Disappearing Wages Differentials (a) Hourly Wage (b) S L 2 Hourly Wage S L 1 S L 2 B $15 $13 A´ $13 $10 B´ A L L D Number of Word Processors Ch. 2 / Scarcity, Choice, and Economic Systems Number of Carpenters D
Figure 5: The Market for Physicians’ Salaries S L 2 S L 1 W 3 W 2 W 1 C B D A D L 2 L 1 Number of Physicians Ch. 2 / Scarcity, Choice, and Economic Systems
Figure 6: Union Wage Differentials (a) (b) Wage S L 1 S L W 2 S L 2 A´ B W 1 A W 3 B´ D L 250, 000 300, 000 350, 000 Number of Long-Haul Truckers Ch. 2 / Scarcity, Choice, and Economic Systems D L 200, 000 225, 000 Number of Short-Haul Truckers
Figure 7: Employer Discrimination and Wage Rates Wage S L 2 S L 1 W 3 S L 2 W 1 W 2 D L Number of Workers Sector A (discriminating) Ch. 2 / Scarcity, Choice, and Economic Systems D L Number of Workers Sector B (nondiscriminating)
Figure 9: The Minimum Wage (a) Hourly Wage (b) (c) Hourly Wage LS Hourly Wage $17. 00 $15. 00 L 1 S LD 2 LD 1 LS $5. 15 $3. 00 Number of Workers Skilled Labor Ch. 2 / Scarcity, Choice, and Economic Systems L 2 S LD N 2 N 1 N 3 Unskilled Labor Covered by Law Number of Workers $3. 00 $2. 00 LD Number of Workers Unskilled Labor Not Covered by Law
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