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    characteristics of the labor markets

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    Explain and discuss why the characteristics of the labor markets should result in the same wage rate for all jobs requiring the same level of abilities and skills? Why are earnings on the labor market are not always proportional to abilities?

    Demand for good workers = high pay
    demand for low workers = low pay

    Not proportion to abilities due to unions, minimum wage.

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    Solution Summary

    Pay differences are scrutinized.