Explain the types of menu cost that a firm may have to incur if it changes its product price . Suppose wage data show that workers with identical skills are paid very different wage rates in...

Explain the types of menu cost that a firm may have to incur if it changes its product price .

Suppose wage data show that workers with identical skills are paid very different wage rates

in different industries. Is this difference consistent with the assumption that the labor market is competitive? Is it consistent with the efficiency wage model?