Importance of marginal productivity and wage inequality, Managerial Economics

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Explain important terms of marginal productivity and wage inequality

Marginal Productivity and Wage Inequality:

a. Market power

• Compensating Differentials

• Danger/Unattractiveness of Job

• Talent/Human Capital

b. Unions

Collective Bargaining

c. Efficiency-wage model

Nanny Example

d. Discrimination.

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