MODULE 71
The Market for Labor
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71The Market for Labor
In this Module, you will learn to:
Describe how a worker’s decision about time preference gives rise to labor supply
Determine the equilibrium wage and level of employment in the labor market
In Module 69 we looked at the determinants of labor demand and how the wage rate influences the quantity of labor demanded by firms. Now we complete our development of the labor market model by adding the supply of labor and exploring the determination of equilibrium wage and quantity in the labor market.