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New England shoe manufacturers hired workers in a competitive labor market. Use demand and supply curves for labor to illustrate how a wage rate was determined in the market for shoemakers. Shoemakers later formed a union and negotiated a higher wage with all shoe manufacturers. Show the effects of a union wage rate that is higher than the market wage rate. Be sure to identify the quantity of labor that would be demanded and the quantity of labor workers would like to supply.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91719817

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