Answer
See explanation
Work Step by Step
The three reasons the wage of a worker can be above the supply-demand balance are as follows:
(a) Minimum wage rules
(b) Bargaining control of the labor unions
(c) Theory of Efficiency Wages.
Principles of Microeconomics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516590X
ISBN 13:
978-1-28516-590-5
Chapter 19 - Part VI - Earnings and Discrimination - Questions for Review - Page 410: 5
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