TAILIEUCHUNG - Lecture Labour market economics: Chapter 7 - Dwayne Benjamin, Morley Gunderson, Craig Riddell

Chapter 7 - Wages and employment in a single labour market. The following will be discussed in this chapter: Equilibrium in a single labour market, imperfect competition, payroll taxes, monopsony, minimum wage. | Chapter Seven Wages and Employment in a Single Labour Market Created by: Erica Morrill, Fanshawe College Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus Equilibrium in a single labour market Imperfect competition Payroll taxes Monopsony Minimum wage Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Competitive Firm’s Demand Assumptions : homogeneous type of labour price taker and wage taker Supply is perfectly elastic (horizontal) at the wage rate Firms can employ all the labour they need at the market wage rate Market wage rate is set by the aggregate labour market Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Figure Competitive Product and Labour Markets W N Wc W N Wc W N Wc S W0 W0 N01 N1 N02 N2 Ni D= Di S1 S2 Firm 1 Firm 2 Aggregate Labour Market Chapter 7- © 2002 McGraw-Hill Ryerson Ltd. Short-Run A firm may have to raise its wages to attract additional workers dynamic monopsony Short-run labour supply curve is upward sloping Chapter 7- © 2002 .

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