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- Explain how competition protects
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Card 46 / 100: Explain how competition protects workers.
Answer:
If a worker isn't being paid his marginal product, there is a "gap" making it worthwhile for a rival employer to make a better offer. In the long run, we therefore expect workers to make (close to) their marginal products. Sample Partial Credit Answer A worker can always quit her job if she doesn't like it.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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