wage determination in imperfect labour markets

how are wages determined in labour markets, when a monopsonist and then a trade union are present?

Category:

Howto & Style

Tags:

• economics
• a-level
• wage
• determination
• wages
• union
• unions
• monopsonist
• holden
• employment
• unemployment
• marketing
• management

[sauk00]

I wish I understood this....I have a presentation on wage determination in less than 2 weeks :-(

[pajholden]

Hi Christopher - if I can help, ask me a question. Simple really - monopsonists drive wages and employment levels down, unions can take them back up.

[kabulom]

Dear Sir, Honestly i Love you you are simply the best, you are one of those few people alive who are source of possitive externalities.. ( little economic joke) i always when i fell problem in economic i come in yourube and type and your excellent videos come up. keep up and please also more topic in economic from university lavel too first year and so on... thank you so much and God BLEESS you.

[bbothequeen]

Keep up the good work. U make economics seem easier than it looks.

[kevinqud]

realy like the vidz. keep them coming...

[megridz]

your ability to put what would equate to 10 pages of intense economics reading into a 4 minute video is amazing

[AnGeLWiNgS93]

IMMA DIE

[sunshinekiara]

Sir, are you teaching A level Cambridge economics? if so, will you be able to name your videos according to their titles? pleease? that would be so much easier to find

[sunshinekiara]

are you teaching a level Cambridge economics?

[lujavana]

what happens when the minimun salary is applied in a market controled by a discriminatory monopsonist?

[SanofdaK]

He's so cute

[joshmanutd2]

@quahximian MRP = Demand

[jpat911]

Also, I've got a question if anyone can answer it. Why can't the monopsonist just start out with a base wage, and then promote each person according to time spent at the firm and/or merit? That way, the MC of hiring an additional person could just be the base wage, and the more experienced people could be given a raise. Would this scenario alter the MC curve in any significant way to this model?

[jpat911]

Thank you so much for this. The econ department at my university is incredibly biased and I have NEVER seen a model that tries to explain that a union could increase both the quantity of labour and the wage rate. Similarly for the Keynesian LRAS curve... my prof is a staunch monetarist. I'll be sure to bring these points up in my future classes.