Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 15 - Wage Determination - Discussion Questions: 1

Answer

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Work Step by Step

In advanced nations, there is a lot of demand for labor and a similar amount of it, so the price of labor is high. Meanwhile, in countries like those in Latin America, there is fierce competition for low paying jobs, so pay remains low.
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