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Explain why competition, substitutes and time affect the price elasticity of demand. Should we expect laborers to be chronically and systematically underpaid in a market
- Explain why competition, substitutes and time affect the price elasticity of demand.
- Should we expect laborers to be chronically and systematically underpaid in a market economy? Why or why not? If you answer "yes" be sure to offer a rebuttal to the analysis presented during lecture.
- The profit maximizing (or loss minimizing) rate of output is where MR=MC. Explain.
- Contrast monopolisitic competition with "perfect" competition. Which does Matt argue is the "healthy part of the economy"? Why?
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Econometric Analysis Of Cross Section And Panel Data
Authors: Jeffrey M Wooldridge, J M Wooldridge
2nd Edition
0262232588, 9780262232586
