Michael Spence's work on (*) signalling applies to the market for this good, which a "closed shop" can create a monopoly on.
An award for contributions to the economics of this good is named for Jacob Mincer, who is often considered the "father" of the economics of this good. This is the good most commonly illustrated with a supply curve that bends backward in the long run. Challenges in the market for this good are illustrated by the "coconut model" of Peter Diamond, which illustrates search theory. Michael Spence's work on (*) signalling applies to the market for this good, which a "closed shop" can create a monopoly on. This human component in a CobbÂ–Douglas function is, along with capital and land, one of the three basic production inputs. It's graphically shown as a tradeoff with leisure. For 10 points, identify this good provided in exchange for wages.
An award for contributions to the economics of this good is named for Jacob Mincer, who is often considered the "father" of the economics of this good.
(wage) labor [accept any kind of labor; prompt generously on work] 