Labor Markets and Income (Economics)

Recall cards on labor markets and income. The theory of labor markets: marginal productivity, the value of the marginal product, marginal revenue product, and how wages and employment are set in competition. Imperfect competition: monopsony, the marginal cost of labor, and its effect on wages and jobs. Supply-side market power: labor unions, collective bargaining, and their wage and employment effects. Bilateral monopoly. Employment discrimination: labor market discrimination, Gary Becker's argument, U.S. wage gaps by race and gender, and the Equal Pay, Civil Rights, and Age Discrimination in Employment Acts. Immigration and its effects on wages, the economy, and taxes.