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Use demand and supply analysis to illustrate the impact on the equilibrium price and quantity in the corn market of the following.
List the jobs held by your friends and family members that are in the primary labor market. List the pros and cons of raising the minimum wage.
What is the most important factor underlying the long-run increase in average real wage rates in the United States?
Explain why the backward-bending labor supply curve has this shape. What is economic rent? Make up an example that illustrates this concept.
Why has it been so hard for union leaders to reverse this trend? What two political measures would help increase union membership?
Unions have long been advocating a law that would permit a card check to be used. Explain why you favor or oppose such a law.
On average, do unionized workers earn higher wages than comparable nonunion workers? Why? How do you account for the declining membership in labor unions?
What are the basic provisions of a collective bargaining agreement? Explain the differences between mediation and arbitration.
How many workers would he hire if the wage rate were $90? How much would his wage bill be?
Using the substitution and output effects, explain how a decline in the price of resource A might cause an increase in the demand for substitute resource B.
How is the demand for a resource affected by (a) changes in the demand for the final product and (b) productivity changes?
Do you think Microsoft should be broken up into two or even three separate corporations? Give at least two reasons to support your conclusion.
Do you think the size of a firm's market share or its conduct is the more reasonable basis for antitrust regulation? Explain your answer.
Should the antitrust authorities stop more corporate mergers than they currently do? What are some of the pros and cons?
What was the historical and political background against which the Sherman Antitrust Act was passed?
How does perfect competition compare to monopolistic competition with respect to price, profit in the long run, average total cost, and output?
You own shoe store that sells the same brands that are sold in hundreds of other shoe stores in your locality. List ways you could differentiate your products.
Suppose you just purchased a men's clothing store in a huge shopping mall. How would you differentiate your store's wares from those of your competitors?
What are the two necessary conditions under which price discrimination can take place? Give an example of price discrimination.
Explain why the monopolistic competitor breaks even in the long run. Is the monopolistic competitor inefficient? Try to argue the question from both sides.
Does your college bookstore have a monopoly? In what ways is that a good thing? In what ways does the store abuse its monopoly power?
Walmart wants to open a superstore near you. List the reasons why you think it (a) should be allowed to do so; (b) should not be allowed to do so.
What are the main barriers to entry? Explain how each barrier can foster monopoly. Make up an example of a monopoly that is a small firm.
Are very large firms economically justifiable? What are the pros and cons of bigness? Make the case for natural monopolies.
Your run a small investment business in which you have $1000000 of your money tied up. If your accounting profit is $200,000, how much is your economic profit?