a. The labors do not have all the similar kinds of skills and worth so the perfect competition according to their work is varied.
In some organizations, the experienced labor had with different wages compared to the newly recruited person. In firms, they offered high wages to experienced persons.
In some scenario, the firms hired the group of labors on a contract basis due to meet the work deadlines as quickly as possible so they offered the wages for all the labor the same. Here we may see a perfect competition.
The labors have all belong to the one category with respective demand of work in the market remains as perfectly competitive.
There are so many factors required to meet the perfect competition like skills, worth, experience, talent etc.
b. Yes, it’s possible to get rid of all unemployment.
If the government has taken certain measures to control the population then the problem will be sorted out.
The government needs to bring awareness among the public by advertising and use social media to educate all the persons about the problems of population and give slogan either one or none. So all the citizens of the nation to implement birth control so this is one of the ways to control the population and reduce unemployment.
The main and major issue for unemployment is increasing the population. The government is failed to create employment opportunities similarly for all over the population.
The government needs to give unemployment fund for respective persons if the government failed to give employment opportunities. This is a good step for reducing unemployment so the government will work honestly to create more number of opportunities.
Do you think the market for labor is perfectly competitive? Explain why or why not. (4...
In the market for labor: Who supplies labor? (1 point) Who demands labor? (1 point) What is the price of labor? (1 point) How is the quantity of labor measured? (1 point) Do you think the market for labor is perfectly competitive? Explain why or why not. (4 points)
What are the characteristics of a perfectly competitive market? Provide an original (not from text or notes) of a market that you think has these characteristics (and explain why you think this). a. Why are marginal revenue and price equal for a firm operating in a perfectly competitive market?
(B) Short Questions: (70%) 1. In a small closed economy, there is a perfectly competitive, frictionless labor market pro- vides market equilibrium price w for continuous, homogeneous workers and firms. (Work- ers and Firms are identical. Workers have exactly the same productivity. Firm only values productivity.) Jim is one of the workers. In a job interview, Jim asks for a wage w+ e, where e is a small positive number. Do you think Jim is going to get the job?...
Explain why the market demand curve a firm faces in a perfectly competitive market is horizontal even though the market demand curve is not horizontal.
1. Provide an example of a perfectly competitive market, or at least a market that gets a close as possible in your opinion. Evaluate your market against the four characteristics of perfect competition (Many small buyers and sellers, identical products, complete information, free entry and exit) to explain why you think it fits this market structure. In your opinion, have the sellers in this market accepted their position as price-takers or do they continue to try to shift the market...
Quesiton 4 (2 points) Consider the market for wheat which is a perfectly competitive market. Is the market demand curve the same as the demand curve facing an individual producer? If not, explain how and why they are different? Illustrate your answer graphically,
1. Critically but briefly explain why the four characteristics of perfectly competitive market make the demand curve for competitive firm perfectly horizontal and equality between MR and Price per unit
Just give me the Short answer 1. In a small closed economy, there is a perfectly competitive, frictionless labor market pro- vides market equilibrium price w for continuous, homogeneous workers and firms. (Work- ers and Firms are identical. Workers have exactly the same productivity. Firm only values productivity.) Jim is one of the workers. In a job interview, Jim asks for a wage w+e, where e is a small positive number. Do you think Jim is going to get the...
4. If you are operating a business in a perfectly competitive market. You can sell as much as at the market price. Why can you not simply increase your profits by selling a highest quantity? (10 marks) Answer:
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...