Explain two important differences between the labour market and the product market.Explain why the value of the marginal-product curve

Explain two important differences between the labour market and the product market.

Explain why the value of the marginal-product curve for labour is also the demand-for-labour curve in a perfectly competitive labour market.

Explain two factors which shift the demand for labour and two factors which shift the supply of labour.

Provide four reasons why some workers receive higher wages than other workers.

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