Chapter 17: Labor and Monopsony
Important Concepts from Chapter 17
Derived Demand
Marginal Revenue Product
Demand for Labor: How You Determine It
Elasticity of Demand for Labor Rules
Backward Bending Supply Curve of Labor
Substitution and Income Effects for Labor Supply
Determination of Wages in Perfect Competition
Economic Rent
Transfer Earnings (Opportunity Costs)
Unions
Monoposony
Minimum Wage
Discrimination
Activities from SI

Sample Test Questions
Hosted by www.Geocities.ws

1