Perfect competition is a market structure controlled by market
forces. When market forces are not met, we have imperfect
competition. I believe that monopolies are bad for social welfare.
Monopolies control everything in their specific market. They
control market prices because there is no competition. Monopolies
can set prices extremely high to increase profits which is bad for
consumers who are of a lower social class or consumers who simply
cannot afford these prices. If monopolies did not have high...
Efficiency wages are offered when monitoring workers' efforts is
difficult or costly.
a.) What efficiencies are created by the efficiency wage?
explain and show graphically.
b.) explain who benefits from the provision of an efficiency
wage.
c.) if there are advantages associated with an efficiency wage,
why is an efficiency wage not paid by all firms?
Based on the article
“Why it is so difficult to measure inflation
Tisk it or drat it, this task still takes a basket”
explain what the best method to calculate the cost of living
is, and what challenges still exist with it.
Why it is so difficult to measure inflation
Tisk it or drat it, this task still takes a basket
BRITAIN introduced its first index of the cost of living in
1914. It has gone through plenty of iterations...