Lecture 18: Factor Markets
author: Jonathan Gruber,
Department of Economics, Massachusetts Institute of Technology, MIT
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012, recorded: February 2011, views: 2480
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
recorded by: Massachusetts Institute of Technology, MIT
published: Dec. 3, 2012, recorded: February 2011, views: 2480
released under terms of: Creative Commons Attribution Non-Commercial Share Alike (CC-BY-NC-SA)
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Description
Earlier in the semester, we discussed the labor supply decisions made by consumers when deciding how much they should or should not work. However, firms have the power to decide how many workers to hire. This lecture focuses on the operation of firms in the factor markets that supply the factors (labor and capital) they use in production.
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