Cannon Mills Used to Be Virtually the Only Employer in Kannapolis

question 242

Essay

Cannon Mills used to be virtually the only employer in Kannapolis, North Carolina.What is the name for a single hirer of labor, and how do wages and the number of jobs available compare to a competitive labor market?

---

Definitions:

Rent

A periodic payment made to an owner for the use of their property, typically in the context of real estate.

Fixed Costs

Costs that do not vary with output.

Variable Costs

Costs that change as output levels change.

Marginal Costs

The additional cost incurred in the production of one more unit of a good or service.