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“Marginal productivity does not determine how much a worker will earn—it determines only how many workers will be hired at a given wage. Therefore, marginal productivity analysis is a theory of demand for labor, not a theory of distribution.” What, then, do you think determines wages? Does marginal productivity affect their level? If so, how?

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 18, Problem 4DQ
Textbook Problem
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“Marginal productivity does not determine how much a worker will earn—it determines only how many workers will be hired at a given wage. Therefore, marginal productivity analysis is a theory of demand for labor, not a theory of distribution.” What, then, do you think determines wages? Does marginal productivity affect their level? If so, how?

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