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PRINCIPLES OF MICROECONOMICS NOTES [For Class Test 1]

• ‘Compensating differentials’: e.g. wages of Australian expats in Papua New Guinea v. Australian wages • Discrimination: employers who discriminate bear an economic penalty • Relative market power Economic rent • The payment to a factor of production (L, K, T) beyond what is required to bring that factor into the market

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  Notes, Principles, Tests, Class, Microeconomics, Guinea, Papua, In papua new guinea, Principles of microeconomics notes, For class test

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