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Economics Homework Seven Answers - Student Eight (view source)

Revision as of 02:48, November 1, 2009

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'''8.''' Competition is the state existing when two nearly identical firms share the same market, promoting maximum efficiency.  
 
'''8.''' Competition is the state existing when two nearly identical firms share the same market, promoting maximum efficiency.  
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:Good definition, could use as a model.
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:Good definition, could use as a model.  Actually, looking at this a second time, I don't agree with the phrase "two nearly identical firms."  The firms can be quite different internally.  Competition is defined by the nature of the market, not the nature of the firms (except they must have equal access to resources).  Good answer anyway.
    
'''9.''' Without the minimum wage, when the supply of labor increased the prices of labor would drop. Because there is a minimum wage, there is no result.
 
'''9.''' Without the minimum wage, when the supply of labor increased the prices of labor would drop. Because there is a minimum wage, there is no result.
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