2. Describing Use a graphic organizer like the one below to describe the four approaches to wage determination. 3. Discussing How do mediation, arbitration, and fact- finding differ from other ways to resolve labor disputes? Method Characteristics Skill level Market theory Negotiated theory Signaling theory 6. Interpreting If you were a semiskilled worker, what could you do to move into a higher category of noncompeting labor? 7. Analyzing Visuals Look at Figure 8.5 on page 209. The graphs show wage determination based on demand and supply. What might the demand and supply curves look like for a lawyer or for a person working in a fast-food restaurant? A ROOFER B PROFESSIONAL ATHLETES Low demand and high supply result in $1,000,000 High demand and low -------- low annual wages. supply result in high annual wages. Annual wages Annual wages $18,000 0 Quantity 0