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10 cards from this deck
Supply and demand
Large number (many employers and workers)
Total wage costs divided by number of workers
Additional cost of employing one more worker
Perfectly elastic (horizontal) at market wage
MRPL = W (marginal revenue product = wage)
Passive wage-taker at market-determined rate
Hire more workers
Where labour supply and demand curves intersect
Identical workers should receive the same wage
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