If the salries for all markets except one are held constant and that markets average wage increases then we should see a rise in the supply of people willing to be secretaries. What I find intersting about this is that this increase in the supply of secretaries should lower the amount of money that the employer is willing to pay. What stabilizes higer wages are other factors. Such as the cost of training and finding new employees just to name a couple.

What this can really be used for in my personal life is the determination of wages. Before this class I had no idea how I would decide how may people to hire. Now I know that if I hire two people for 10 dollars per hour then they had better be adding at least x*$10 per hour to my company. What a bonus it was to end up taking your class and have something that I can immediatley put to use in the "real world".

Sometimes the labor supply will decrese while the demand for labor increases this will result in magnified wage increases. This is because the firms in that market have to compete more ferociously for labor and since demand for their product is high they are willing to pay more to attract employees. What is

Some common words found in the essay are:
, labor demand, marginal revenue, marginal revenue product, hire people, revenue product, demand labor, supply labor, willing pay, marginal cost, produce hire, marginal expense,
Approximate Word count = 795
Approximate Pages = 3 (250 words per page double spaced)