Chapter 18 - Labor Markets
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9 Terms
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supply and demand on graph
positive sloping labor supply curve LS in up left corner, shifted LS’ curve a bit lower, downward sloping labor demand curve LD, above LD is LD’
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unions can..
increase labor demand
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L1
intersection of LS and LD
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L*
intersection of LS’ and LD
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another L (L2?)
intersection of LS’ and LD’
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unemployed region
horizontal distance between LS and LD intersection point and LS’ and LD’ intersection point
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LD =
VMP = MP x P
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VMP >
wage hire
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VMP <
wage no hire/fire
Note 
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