ECON101 Lecture Notes - Lecture 30: Monopsony, Perfect Competition

• School: University of Alberta
• Department: Economics
• Course: ECON101
• Professor: Gordon Lee

Document Summary

Supply of labour (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) Job 2 is in a less desirable location. In 1951: participation rate of females (looking for jobs) = 24% Differences in the job (under different market conditions) Suppose job 1 and job 2 are identical, except for location. Suppose job 1 has no risk and job 2 has a 1/1000 chance that the worker will die in a year. Must pay 1000 workers (5000)(1000) = = value of a human life. 2 jobs available: "life" guard and garbage collector. 6 applicants for job 2 and 344 applicants for job 1. Surplus of applicants for job 1 and shortage of applicants for job 2. Organizations that seek to improve employment conditions for their members. Other benefits (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) Unions (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254) (cid:12254)