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The following figure shows curves for labor demand and labor supply.Refer to the figure above. Why ...

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The following figure shows curves for labor demand and labor supply.Refer to the figure above. Why ...

The following figure shows curves for labor demand and labor supply.

Refer to the figure above. Why might we observe the wage rate to be at WH rather than at WM?

▸ Companies may have found that they can increase their returns from investments in labor by paying the higher wage.

▸ New technological inventions may have driven up the wage rate.

▸ The market clearing wage rate is at WH.

▸ By federal law, the minimum wage is set at WL.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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