Graph & Explain Perfectly Competitive Labor Mkt Monopsonistic Labor Mkt Demand Enhanced Union Model Derived Demand (Graph) & Explain -Wage / (Graph) & Explain -Wage / (Graph) & Explain- Wage / Employment Employment Employment MRP MRC Inclusive Union Model Exclusive Union Model Wage Determination Economic Rent (Graph) & Explain Wage / (Graph) & Explain Wage / Nominal Wages Supply Employment Employment Real Wages Equilibrium Productivity and Wages Productivity and Rent Long-run Trend in Real Wages tive Function Market Imperfections / Discrimination Pay for Performance Principal-Agent Problem Piece Rate Profit Sharing Efficiency Wage Interest Loanable Funds Market Profit Wage Differential range of interest (Graph) & Explain Impact on Role of Entrepreneurship Compensating differentials Capital Stock & Interest loanable funds theory Insurable vs Uninsurable Risk Risk Time Value of money Preference Source of Uninsurable Risk present value Human capital future value Sources of Economic Profit Ability, effort, and chance Compounding Rationing Effect of Profits Signaling Role of Interest rate The superstar phenomenon Output Discrimination capital allocation R&D Nominal and RealMarket Failures Public Goods Taxation Income Inequality Externalities - define Principles Positive Excludability Benefits Gini Ratio (coefficient) Rivalry Ability Negative Types Lorenz Curve (Graph) and Explain Free Rider Problem Progressive MSB - Marginal Social Benefit Regressive Proportional MSC - Marginal Social Cost Incidence / Burden Graph- Graph - Laffer Curve - Graph and explain How is a monopoly an example of a Positive Externality Negative Externality market failure