Quizlet

Flashcards: Unemployment

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First Reasonthe time it takes to search for jobs that best suit tastes and skills
Second Reasonminimum wage laws
Minimum Wage Lawsraises wage of unskilled workers therefore raising the quantity of labor supplied and reduce the quantity demanded
Third ReasonMarket power of unions, pushes union wages up and creates surplus of labor
Fourth Reasontheory of efficiency wages
Theory of Efficiency Wagesfirms find it profitable to pay wages above equilibrium level.
High wages can...improve worker health, lower worker quality, and increase worker effort