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The higher the demand for a factor of production: the greater the opportunity cost of switching between jobs. the lower the equilibrium wage for that
The higher the demand for a factor of production: the greater the opportunity cost of switching between jobs. the lower the equilibrium wage for that factor. the lower the cost of mobility for that factor.O the greater the transaction cost of moving between industries. the greater the search cost of obtaining a new opportunity for that factor.
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Principles Of Econometrics
Authors: R Carter Hill, William E Griffiths
3rd Edition
0471723606, 9780471723608
