Understanding Labor Market Imperfections: Minimum Wages, Trade Unions, and Wage Discrimination

The video discusses labor-market outcomes, focusing on three main imperfections: minimum wages, trade unions, and wage discrimination. It explains nonbinding and binding minimum wages, the role of trade unions in negotiating wages, and the concept of insider-outsider theory. Wage discrimination is also covered, highlighting its impact on equity and the challenges in illustrating it diagrammatically.

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