AQA A Level · 7136 · Paper 1: Markets and market failure
4.1.6.4 Wages in Imperfect Labour Markets
A-level only
Everything you need for questions on wages and employment in imperfectly competitive labour markets, in the words examiners reward. An interactive seven-step lesson goes with it.
What's on this sheet
- Why labour markets are imperfect
- Monopsony in the labour market
- The monopsony diagram
- Effects of monopsony
- Imperfect information
- Classic question: is monopsony always bad for workers?
- Side 2: practice tasks, where the marks go, and exam-style questions
- Separate answer key
The lesson in seven steps
- Every extra worker costs more than their wage
- From one employer to many
- Which imperfection?
- The marginal cost of labour
- Power in labour markets
- Build the chain
- Exam practice
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