tailieunhanh - Ebook Micro ECON 5 - Principles of microeconomics: Part 2

(BQ) Part 2 book "Micro ECON 5 - Principles of microeconomics" hass contents: Resource markets; labor markets and labor unions, capital, interest, entrepreneurship, and corporate finance; transaction costs, asymmetric information, and behavioral economics;.and other contents. | Find more at Mathew Hayward/Alamy 12 Labor Markets and Labor Unions Learning OutcOmes After studying this chapter, you will be able to 12-1 Explain why the quantity of labor supplied increases with the wage, other things remain constant 12-2 Describe why some workers earn higher wages than other workers 12-3 Summarize the objectives of labor unions and outline strategies used to achieve these objectives After finishing this chapter go to PAGE 213 for STUDY TOOLS Topics discussed in Chapter 12 include: ●● ●● ●● 12-4 Give reasons why unionization rates have declined in recent decades ●● ●● ●● ●● ●● 196 Theory of time allocation Backward-bending labor supply curve Nonwage determinants of labor supply Why wages differ Winner-take-all labor markets Unions and collective bargaining Union wages and employment Trends in union membership PART FOUR: Resource Markets Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Find more at ▸ How do you divide your time between work and leisure? ▸ What determines the wage structure in the economy? ▸ Why do some people work less if the wage increases enough? ▸ What else besides the wage affects your labor supply? ▸ For example, why do unknown rock bands play hours for peanuts, while famous bands play much less for much more? ▸ In what sense have labor unions become the victims of their own success? ▸ Why are butchers more likely than surgeons to mow their own lawns? b This chapter digs deeper into labor markets and wage determination. ecause of the division of