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Unformatted text preview: i. Number of sellers (+) ii. Real wage in other labor markets (-) iii. Non-pecuniary aspects iv. Relocation costs (-) 3. Equilibrium 4. Examples B. Income distribution 1. The basics: Why income inequality exists 2. Measuring income inequality a. Lorenz curve b. Gini coefficient C. Market failure 1. Externalities a. Definition b. Marginal social costs c. Marginal social benefits d. Socially optimal output III: NEXT TIME A. Finish Chapter 17: Market Failure. .....
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- Spring '06