Number of firms: Few, thus Market Power
Market share of each firm: Large
Product differentiality (heterogeneity): Not relevant
Level of difficulty of market entry: Significant, thus above/below-normal econ profits in LR
9 The Labor Market
Why there are differences in wages?
How do people decide how much time to spend working?
What determines the wage rate an employer is willing to pay?
The Supply of Labor: A Backward Bend?
Labor supply is the willingne