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10 cards from this deck
Market with only one buyer of labour
Joan Robinson
Market power exercised by a buyer of labour services
Must pay higher wage to all existing workers too
MCL lies above ACL (supply curve)
Where MRPL=MCLMRPL = MCLMRPL=MCL
Lower wage and lower employment
Disequilib, info gaps, occup/geo immobility, discrimination
Association of workers to protect & promote their interests
Unions bargain with employers on behalf of members
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