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Marginal Productivity and the Demand
A mans efficiency depends partly on the efficiency of
a Equalisation of wages
34 other sections not shown
A-labour adjustment advantage amount analysis arbitration assume assumption capitalistic chapter commodity competition concession consequently considerable constant consumption contraction cost current labour curve demand for labour diminish economic effect efficiency elasticity of demand elasticity of substitution employed employers employment entrepreneur equal equilibrium expected extent fact factors of production fall favourable firms further given higher wages Imperfect Competition important income income effect increase industry Keynesian kind labour market less level of wages lower marginal productivity theory ment methods of production monetary money wages number of labourers organisation output paid particular period ployers possible present probably problem product of labour profits proportion quantity raise rate of interest real wages reason reduced relative share resistance result returns to scale rise in wages stationary strike substitution effect supply of capital supply of labour suppose tendency Theory of Wages things tion Trade Union unem unemployed Value and Capital wage-rates workmen