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Perfectly competitive labor market

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Labor: Hot Topics

  • After completing this Lesson's readings, answer the short answer questions and submit work to the Assignment 10.2 dropbox.
  • What are the factors that would determine the supply and demand for labor in a perfectly competitive labor market?
  • Review the unemployment arguments for minimum wage in Seattle. Compare those results to the situation in 2006 when Congress forced companies in American Samoa and the Northern Mariana Islands to start paying a minimum wage equal to the minimum wage on the mainland. If the minimum wage in your town was increased to $15 per hour, which of these two scenarios would be more likely? Explain.
  • As online technology increases, colleges and other firms are outsourcing more of their work to lower paid contract workers. Do you see this trend continuing? Can you see a time when a firm will have no full time workers outside of management, but instead rely strictly on part time contract work? Would this be as effective? Why or why not?

Reference no: EM132414745

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