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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Discuss the factors that might prevent the equalization of wage rates for identical or comparable jobs across labor markets.

To determine

Factors that prevent the equalization of wage rates for identical jobs in labor market.

Explanation

The wage rate is determined by the market forces of demand and supply of labor. The factors are demand for labor and so on, and the supply factors are non-pecuniary aspects of job, heterogeneity of labor, training cost of labor, and cost of mobility of labor.

  • Demand for labor: The difference in skills, productivity, and attributes makes difference in the demand for labor. The difference in demand for labor causes difference in the wage rate.
  • Non-pecuniary aspect:  Non-pecuniary aspect is the supply conditions of the job. For example, working in coal mine is less attractive than working as a tour guide, and this makes difference in the supply of labors for both works and cause difference in wage...

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