Chapter 29 - Labor Markets and Wage Rates

1		The wage rate is set by and .
2		The current minimum hourly wage is $ .
3		The reason the labor supply curve is backward bending is that the effect overcomes the effect.
4		The theory of the labor market explains why some jobs pay very well and offer a chance for advancement, while other jobs pay very poorly and offer no chance for advancement.
5		The difference between what you are paid and the pay you would be willing to accept is your .
6		Over a period of time when there is inflation, the money you are paid is your wage rate, while what that money can buy is your wage rate.