Unformatted text preview: a week? x 40, 50, 60 hours? There’s a limit to how much you can work in a week. x Ceteris paribus – ex. if there’s very high inflation, increase in wage reflect inflation and therefore will not increase output (hours worked) An increase in price – wage is the price of labor – will ceteris paribus increase the quantity of labor supplied and vice versa. Page 36...
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.
- Fall '10