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8 Pages • Topic Notes • Year Uploaded: 2024
•The outcome of the wage-setting process across all firms in the economy is the wage-setting curve, which shows the wage associated with each unemployment rate. •The prices that firms charge for their products are influenced by the demand for their goods and the cost of labour, the wage. •The outcome of the price-setting process across all firms is the price-setting curve, which gives the value of the real wage that is consistent with a firm’s profit-maximizing markup over production costs. •Excess supply of labour (involuntary unemployment) is a feature of labour markets, even in equilibrium • If economy-wide demand for goods and services is too low, unemployment will be higher than its equilibrium level and may persist. •Unions and public policies can affect labour market equilibrium
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