Across
- 4. MPL/Wage = MPK/Rent
- 6. The explicit or implicit cost of using a unit of an asset for a given period of time.
- 7. The payment to a factor of production in excess of the minimum payment necessary to employ that factor
Down
- 1. The additional cost of employing an additional unit of a factor of production called
- 2. Organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively
- 3. The extra revenue earned by hiring an extra worker
- 4. Wage differences that reflect the fact that some jobs are less pleasant or more dangerous than others
- 5. Wages that exceed the market equilibrium wage rate