Business, 21.12.2019 06:31 trobbie817

Assume that the labor market for barbers is competitive and that it is differentiated into two groups: barbers who are bald (or going bald) and those who have a full head of hair. assume that the barbers in this market have identical hair-cutting ability, regardless of whether they are bald or not. currently the equilibrium wage in the bald barber market is lower than that in the nonbald market. further assume that the market for haircuts is competitive. refer to scenario 19-4. if consumers do not discriminate between bald barbers and barbers with hair, then a. wages in the market for barbers can never be in equilibrium. b. the equilibrium wage in the "bald" market will eventually fall. c. competitive pressure in the market for haircuts will eventually cause the equilibrium wage in both markets to be identical. d. the equilibrium wage in the "hairy" market will eventually rise.

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Assume that the labor market for barbers is competitive and that it is differentiated into two group...

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