Pension Protection Act

Penalizes firms for underfunding their pension plans and gives employees more

of 2006

information about their pension accounts

Lilly Ledbetter Fair Pay

Restores protection for pay discrimination claims on the basis of sex, race, national

Act of 2009

origin, age, religion, or disability

TABLE 14.4 Prominent U.S. Workplace Protection Laws

There are two sources of imperfect competition in labor markets. These are demand side sources, that is, labor

market power by employers, and supply side sources: labor market power by employees. In this section we will

discuss the former. In the next section we will discuss the latter.

A competitive labor market is one where there are many potential employers for a given type of worker, say a

secretary or an accountant. Suppose there is only one employer in a labor market. Because that employer has

no direct competition in hiring, if they offer lower wages than would exist in a competitive market, employees
{"batch_upload": true, "creator": "PDFMiner", "creationdate": "2022-12-07T14:15:44-06:00", "file_name": "Microeconomics3e.pdf", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "file_type": ".pdf", "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T15:24:38.309401", "title": "Principles of Microeconomics 3e", "moddate": "2022-12-07T14:23:05-06:00", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "producer": "Prince 14.2 (www.princexml.com)", "file_size_mb": 26.99, "total_pages": 597, "source": "downloads\\business\\economics\\Microeconomics3e.pdf"}