Question

If workers in one part of the labor market unionize, then all else equal, we would expect the wages of unionized workers to ______, and the wages of nonunionized workers to ______.

Answer 1

If workers in one part of the labor market unionize, then all else equal, we would expect the wages of unionized workers to rise, and the wages of nonunionized workers to fall.

In developing countries, labor markets play a central role in determining economic and social progress. Employment status is one of the key factors in overcoming poverty. Ultimately, a decent, well-paid, and stable job is the most sustainable way to increase income and consumption.

Almost everything that happens in the economy affects the labor market. Changes in demand for goods and services, population size, and minimum wage rates can all have significant effects on the labor market. The economic change will probably have the greatest impact on the labor market as a whole.

Learn more about the labor market here: brainly.com/question/25715806

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