Economics (McConnell) AP Edition, 19th EditionChapter 13:
Wage Determination (+ Appendix)The content of this chapter may be included on the AP* Microeconomics exam. After reading this chapter, you should be able to: - Explain why labor productivity and real hourly compensation track so closely over time.
- Show how wage rates and employment levels are determined in competitive labor markets.
- Demonstrate how monopsony (a market with a single employer) can reduce wages below competitive levels.
- Discuss how unions increase wage rates and how minimum wage laws affect labor markets.
- List the major causes of wage differentials.
- Indentify the types, benefits, and costs of "pay-for-performance" plans.
- (Appendix) Relate who belongs to U.S. unions, the basics of collective bargaining, and the economic effects of unions.
AP Chapter 13 Introduction
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