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DIFFERENTIALS AND DISEQUILIBRIUM
In a free enterprise system, workers aim at maximizing their wages. Hence, it would be expected that workers would move form low-paying industries to high-paying industries and the low-paying industries would raise wages so as to retain labour until wage rates were uniform for all workers.
In practice, however, we observe differentials in wages both between occupations and even within the same occupations. Differentials arising from the characteristics of the occupations are called compensating or equalizing differentials, because they represent pay units made to equalize the net remuneration and compensate the workers for differences in their jobs.
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Why do the inclusion of opportunity costs in cost-and-supply analyses help individuals make better decisions and improve outcomes?
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the benefits of exchange in the light of the law of association, the introduction of money in direct exchange and way income gets distributed among market participants
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What is economics of information
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howw much should the firm produce to maximize its profits
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