Review the concepts of formal and informal sectors. Explain why labor might receive better treatment (in pay
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Review the concepts of formal and informal sectors. Explain why labor might receive better treatment (in pay or conditions of work) in the formal sector. How do you think such differentials persist? Why can’t informal sector workers simply enter the formal sector by offering to work on terms that undercut existing formal-sector workers?
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The concepts of formal and informal sectors refer to different types of economic activities and employment arrangements within an economy These sectors can vary in terms of legal recognition job secur...View the full answer
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