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Economics Lecture Seven (view source)

Revision as of 22:28, October 21, 2009

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7.  Define the term "competition" in a new way by using another powerful term developed in this course.
 
7.  Define the term "competition" in a new way by using another powerful term developed in this course.
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8. Suppose the underlying ''labor'' market is perfectly competitive, but there is a minimum wage above the market rate.  Then suppose that the supply of labor increases.  Explain what the result is.
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8. Suppose the underlying ''labor'' market is perfectly competitive, but there is a minimum wage above the market rate.  Then suppose that the supply of labor increases.  Explain what the result is and why.
    
9.  What is the firm's profit or loss when Q=0 in the honors discussion above?  (Answer simply in terms of another cost measure.)  Is the firm profitable?   
 
9.  What is the firm's profit or loss when Q=0 in the honors discussion above?  (Answer simply in terms of another cost measure.)  Is the firm profitable?   
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