The economic rent associated with labor is

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    the excess of wages paid above the minimum amount needed to hire workers.
     equal to, in a competitive labor market, the difference between the equilibrium wage and the minimum amount needed to hire workers, as represented by the labor supply curve.
     the difference between the competitive labor market equilibrium wage and the union negotiated wage.
     Both 1 and 2.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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Both 1 and 2.
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)



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