Question
Are these answers correct? If there is perfect labor mobility between the manufacturing sector and the agricultural sector and labor seeks the best paying jobs,
Are these answers correct?
If there is perfect labor mobility between the manufacturing sector and the agricultural sector and labor seeks the best paying jobs, what will be the relationship between wages in manufacturing (wm) and wages in agriculture (wa)?
They will be equal or equivalent to each other.
What equation represents the equilibrium condition that completes this model?
wA=wM
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Managerial Economics and Business Strategy
Authors: Michael Baye, Jeff Prince
9th edition
9781259896422, 1259290611, 1259896420, 978-1259290619
