Golden rule of profit maximization

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1. What is the golden rule of profit maximization? Explain why the rule maximizes profits. Why economic profits are zero all along a long-run supply curve in perfect competition?

2. What can cause the demand for a resource to shift?

3. Distinguish between craft unions and industrial unions.

4. If work provides disutility, why do people ever engage in either market work or nonmarket work?

5. What does it mean to say that the demand for a resource is a derived demand? Why does the supply curve of a resource slope upward?

Reference no: EM1318781

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