What is the shadow price of labor when output is maximized subject to a labor constraint?
In a perfectly competitive market, what curve can be drawn from the firm’s short run supply curve?
What benefits can be attained for society from appropriate levels of government regulation of businesses?
When demand is perfectly elastic, what portion of costs from regulation are borne by consumers?
Define the Nash equilibrium concept.
For two projects with the same cost, does the more risky one have the highest standard deviation or the lowest standard deviation?
In terms of the cost of capital, what do profits in a perfectly competitive industry equal in the long run?
In terms of externalities, what justifies governmental subsidization of health, research, education and personal security?
In terms of market failure, explain why utility companies are typically placed under extensive government regulation.