Question
A diagram of a colonial labor market is below. w, VMPL $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 VMPL 10 20
A diagram of a colonial labor market is below. w, VMPL $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 VMPL 10 20 30 40 50 60 70 80 Suppose that the subsistence maintenance cost of labor is $3. Landlords (as a group) would be willing to pay up to what amount to implement a bound labor system in this otherwise freev competitive labor market?
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Macroeconomics
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
6th Canadian Edition
321675606, 978-0321675606
