Suppose both product and factor markets are competitive

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Reference no: EM13831222

(i) Suppose both product and factor markets are competitive, why is the labour demand curve downward sloping?

(ii) How does technological progress shift the labour demand curve?

(iii) Professors, lawyers and doctors receive similar amounts of education, why are professors paid less than lawyers and doctors?

(iv) Why are workers with good looks paid higher in some jobs, but not in others?

Reference no: EM13831222

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