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Describe labor and other resource markets. How is the market for labor similar to and different...

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Economics

  • Describe labor and other resource markets. How is the marketfor labor similar to and different from the markets for steel orother factors of production? What can a firm do to ensure adependable supply of these resources?
  • Look up the concept of a spillover effect and explain howunions have benefited workers who have never been a member of aunion.
  • Union membership for non-government workers has fallendramatically over the last 30 years, yet government workers arebecoming ever more and more unionized. Why do you think that istrue?
  • Would you expect the presence of labor unions to lead to higheror lower pay for worker-members, both in the short and longrun?
  • Would you expect a higher or lower quantity of workers hired bythose employers? What effect would you expect this to have on acompany's bottom line? As a union member, would you accept higherpay if you knew that would result in layoffs? Explain briefly.
  • Will union membership continue to decline? Why or why not?

Answer & Explanation Solved by verified expert
3.7 Ratings (561 Votes)
Labor markets are same as other resource markets wherein they provide the availability of labour in terms of demand and supply The wages are determined in the similar manner with other resources Labor market is similar to other factors of production in terms of supply of labor Labour as resource is supplied and priced efficiently However labor unions can demand a higher wage even if the wage is not the equilibrium one resources dont have that sort of pricing power Firms can ensure a stable supply of goods    See Answer
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