Labor Markets
What is the labor market? Like the goods and services markets, a labor market consists of the supply and demand sides. In the labor market, while workers supply labor, firms demand labor. This chapter studies the backward-bending nature of the labor supply curve and the downward-sloping nature of th...
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| Format: | Book Chapter |
| Language: | English |
| Published: |
IntechOpen
2021
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| Subjects: | |
| Online Access: | https://www.intechopen.com/chapters/79801 |
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| Summary: | What is the labor market? Like the goods and services markets, a labor market consists of the supply and demand sides. In the labor market, while workers supply labor, firms demand labor. This chapter studies the backward-bending nature of the labor supply curve and the downward-sloping nature of the labor demand curve. We also analyze the labor market equilibrium in a perfectly competitive labor market. Several policies such as immigration and minimum wage will be introduced to illustrate how government policies affect the labor market equilibrium. |
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| ISBN: | 978-1-83969-881-1 |
| DOI: | 10.5772/intechopen.101687 |