Labor Market Imperfections
- Insufficient/misleading job information Change in Inputs This prevents workers from seeking better employment.
- Geographical Immobility Many people are reluctant or too poor to move so they accept a lower wage
- Unions - Collective bargaining and threats to strike often lead to higher than equilibrium wages.
- Wage Discrimination - Some people get paid differently for doing the same job based on race or gender. (Very illegal!)
An imperfectly competitive labor market is called a Monopsony.
相关笔记
Perfectly Competitive Labor Market
Labor Market