ECON1131 Study Guide - Final Guide: Predatory Pricing, Nominal Rigidity, Deadweight Loss
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24 Jan 2014
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The supply and demand for labor: how much labor will be supplied to a given labor market at different wages. Upward/downward depends on relative strength of: value of time, price of a product vs. full price of a product. Identical people, identical jobs: competition is equalizer in market economy. Equal access equality of end results. Competitive marketplace achieves horizontal equity it treats identical individuals and identical business firms identically. Competitive labor markets tend to equalize the wages of identical individuals within each occupation farm example. Unequals can be treated very unequally. Academics- demand for medical care shifted out) Chapter 21 - role of government. The government sector in the industrialized market economies. The market will determine the distribution of income. But will people like it: unequals can be treated very unequally. Tax, transfer payments gov"t. Entitlements, social security gov"t. An informational problem in which one different goals.
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