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7 Cards in this Set
- Front
- Back
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TPP of Labour |
Curved - x axis QL - y axis O |
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Perfectly competitive labour market |
Normal supply and demand diagram, w* dotted line across to second diagram with horizontal S=Mc=Ac ( can’t change from socially optimal level of output ) |
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Monopsony labour market |
Mc and S=mc going up, show difference between wm and wc |
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Trade unions in a competitive labour market |
Normal supply and demand diagram, higher wage level from trade union impact which goes across to meet the supply of labour and forming new qd and qs |
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Trade unions in a monopsony labour market |
Show Wm and Wc on normal monopsony labour market diagram, then put Tu in between and follow labour and mc line |
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NMW |
Price floor |
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Discrimination in the labour market |
Normal supply and demand, shift in demand to the left for women |
