Why would economists argue in favor of allowing monopolies and oligopolies to set their own prices undisturbed by government? What assumptions do they make concerning economies of scale?
Answer to relevant QuestionsWhy do some economists argue in favor of antitrust laws? What assumptions do they make concerning economies of scale? Who regulates the regulators? Is it a problem? Why do economists believe government failure is inevitable? Suppose the Chris Corpora Coal Mining Company currently employs 17 workers at $14.50 per hour, which is the prevailing wage rate in the perfectly competitive market for miners. Suppose also that the marginal revenue product ...If the United States and Mexico agree to free movement of workers across their borders, wage rates in some U.S. labor markets would fall, but wage rates in some Mexican labor markets would rise. Explain.
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