1. List and explain the five features/characteristics of a perfectly competitive market.
2. Is health care better in the United States? Why or why not? What indicators did you use to define “better”?
3. Explain the break-even price and the shut-down rule.
4. Was innovation accelerated or suppressed by the government monopoly granted to Fulton? Why? How did innovation change after the monopoly was broken?
5. Give explanation of how wages are determined in competitive labor markets and explain why wages differ from one occupation to another