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The Competitive Firm
- Price taker
- Market output (Q) and firm output (q)
- Market demand (D) and firm demand (d)
- R(q) is straight line Demand and Marginal Revenue Faced by Competitive Firm
- The competitive firm's demand
- Profit Maximization
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Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
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AS STUDENT OF ECONOMICS ELABORATE ON THE KALDOR-HISCKS COMPENSATION
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