Important question about perfectly competitive firm

Reference no: EM1373785

Could a labor union or a minimum wage law efficiently help to increase wages, rise employment, or improve working situations in a company that is: a) a perfectly competitive firm in both the product market and the resource market? Explain.
b) an imperfectly competitive firm in both the product market and resource market?
Explain.

Reference no: EM1373785

Questions Cloud

Elimination of minimum wage law coverage : People of different age groups and situations take advantage of part time employment opportunities provided through the fast food industry.

Compute the industry equilibrium wage : Competitive Market Equilibrium. Assume demand and supply situations in the competitive market for unskilled labor are as follows;

Analyze the effects on wages and employment : Based on economist Albert Rees, there is evidence that contracts sometimes exist "among employers not to increase wages individually or not to employee away each other's workers

Important question - economics : Assume an employer offers a base wage of twenty dollar per hour for the 1st 40-hours of a work each week and overtime pay of thirty dollar per hour for any hours beyond forty per week,

Important question about perfectly competitive firm : Could a labor union or a minimum wage law efficiently help to increase wages, rise employment, or improve working situations in a company

Influence the supply and demand of a nurse position : Two principles of economics that help describe how wages are determined in a market economy, Think these principles when completing the project. Think of how they apply to labor market for nurses.

Impact of the proposed tax on the optimal retirement age : Most Social Security recipients do not currently pay federal or state income takes on their benefits. Assume the government proposes to tax these profits at same rate as other types of income.

Why government support public education : Explain why does the government support public education when the private sector also provides this service and describe why labor productivity is important but not the only key to improvement in living standards.

Absolute advantage and comparative advantage : Determine absolute advantage and comparative advantage and explain why will resources specialize according to their comparative advantages?

User Account

All Pages