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adjustment aggregate demand analysis benefits blacks ceteris paribus changes Chap collective bargaining college graduates combination decline demand curve demand for labor discrimination discussion earnings economists effect elasticity employers equal equilibrium wage existence factors firm firm's Gini coefficient growth hours supplied household human capital impact on relative income effect increase indifference curve individual industry inputs investment labor demanded labor economics labor force participation labor market labor supply less long-run equilibrium Lorenz curve lower marginal cost marginal productivity marginal utility market wage minimum wage monopolist monopoly monopsony neoclassical neoclassical economics nonmarket nonunion sectors nonwage aspects occupational wage differences output percent product price public sector purely competitive quantity of labor rate of inflation rate of return relative wage result rise short run skills substitution supply curve supply of labor theory total utility unemployed unemployment rate union labor wage levels wage rate wage ratio wages and employment weIfare workers