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Further Development of the Marginal Productivity Theory
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adjust aggregate assume assumption average bargaining attitude bargaining power cent chapter Clark Clarkian collective bargaining cost of agreeing costs of disagreeing curve of labor decline decrease demand curve demand for labor demand schedule Econ effect elasticity equation equilibrium exploitation factors of production Figure Hicks imperfect competition indicated indifference curve individual firm industry intersection Keynes Keynesian labor demand labor market labor units labor's share level of employment long-run marginal productivity principle marginal productivity theory marginal revenue maximize membership function ment money illusion money wages monopsonistic monopsony MRP curve MRP function output party preference product curve product of labor profit real wages relative result sectors shift short-run strike supply curve supply of labor supply schedule tend Theory of Wages tion trade union underemployment equilibrium UNITS OF LABOR wage and employment wage changes wage determination wage increase wage level wage rate wage theory wage-employment combination workers