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How is game theory relevant to oligopoly? Does it help to explain monopoly? Give reasons for your response.
What does the prisoner's dilemma indicate about the longevity of collusive agreements? What is a Nash equilibrium? How does it differ from a dominant strategy?
What practices do antitrust laws prohibit? What are network externalities? Describe why network externalities matter to an oligopolist.
What would be your tit-for-tat strategy to encourage other concertgoers to change their behavior?
Why is the demand for factor inputs a derived demand? What rule does a firm use when deciding to hire an additional worker?
What are the two labor demand shifters? What are the three labor supply shifters? What can cause the labor supply curve to bend backward?
What would happen to movie stars' wages if all major fi lm studios merged into a single firm, creating a monopsony for film actors?
How is economic rent different from rent seeking? What would happen to the demand for labor, the wages of labor, and the number of workers employed?
Draw Maria's supply curve. How would you explain her actions to someone who is unfamiliar with economics?
A million-dollar lottery winner decides to quit working. How can you explain this behavior using economics?
What will happen to the equilibrium wage of crop harvesters in Dystopia if the price of the crop falls by 50% and the marginal product of the workers increases?
Suppose that the current wage rate is $20 per hour, the rental rate of land is $10,000 per acre. Why is the firm maximizing profit? Explain your response.
Why do garbage collectors make more than furniture movers? What are efficiency wages? Why are some employers willing to pay them?
Discuss some of the reasons why full-time working women make, on average, 77% as much as full-time working men.
How does the degree of income inequality in the United States compare to that in similarly developed countries?
Why do high rates of income mobility mitigate income inequality? Which anti-poverty program creates the strongest incentive for recipients to work? Why?
Would wages in construction be higher or lower than wages for other jobs? Would left-handed workers make more or less than right-handed workers?
Discuss why do some students take unpaid internships when they could be working summer jobs and earning an income?
In Polarity, four families earn $10,000 each, two earn $50,000 each. Which community has the more unequal distribution of income? Explain your response.
How do these immigrants affect the income inequality in this country? Is this type of immigration good or bad for the United States, and why?
Suppose that a wealthy friend asks for your advice on how to reduce income inequality. What advice would you give, and why?
Why would you recommend that the company continue the new compensation system? Explain your response.
Which program does the most to help the poor? Describe the work incentives under each program.
What is the relationship between total utility and marginal utility? How is diminishing marginal utility reflected in the law of demand?
What does it imply when we say that the marginal utility per dollar spent is equal for two goods?