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Economics

Characteristics of the labor markets

Explain and discuss why the characteristics of the labor markets should result in the same wage rate for all jobs requiring the same level of abilities and skills? Why are earnings on the labor market are not always proportional to abilities?

Demand for good workers = high pay
demand for low workers = low pay

Not proportion to abilities due to unions, minimum wage.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9213701

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