Thank you! Labor econ course kicking my butt and this is a great help!

Soooo clear, thank you sir

Great as always.

wow this is really well explained. thanks for the help :)

Thanks from Afghanistan for such interesting explanation

Really interesting stuff

very good video

Sir how can i be thank full to you . Plz Comment. Your explanation i just would like to mention just wow!

This is very clear as far as it goes, but it leaves several questions. 1) can a national minimum wage applied to all regions, all industries, get just the right increase that will not increase unemployment overall? 2) When a firm is monopsonistic in the labor market, but competitive in its product markets, does it raise prices to recover the lost profits due to minimum wage increases?

+jason Welker What about in oligopsonistic labor market would the same effect be seen

What song is used in the intro?

Doesn’t The MRC slope>the SL slope imply that wages are negotiated on a collective basis. Doesn’t the heterogenous nature of labor as a commodity entail that wages are negotiated on an individual basis, and therefore the increase in wages required to attract workers who are less willingness to sell independent of the wages for workers who are more willing to sell? Labor markets aren’t like say gas, where price is based on the collective willingness to buy of all buyers. Each persons labor is distinct, and so the price of each persons labor is distinct. Practically speaking why would a potential seller be influenced by the wages of other sellers, so long as their own wage is independent. The employer then has no incentive to raise wages for anyone who has already accepted a given wage? If this is in fact the case then why is the MRC slope>the SL slope?

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