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Chapter 8

Problem 8

A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers?

Problem 9

Productive efficiency and allocative efficiency are two concepts achieved in the long run in a perfectly competitive market. These are the two reasons why we call them perfect. How would you use two concepts to analyze other market structures and label them imperfect?

Problem 12

What are the four basic assumptions of perfect competition? Explain in words what they imply for a perfectly competitive firm.

Problem 13

What is a price taker firm?

Problem 14

How does a perfectly competitive firm decide what price to charge?

Problem 28

Will a perfectly competitive market display productive efficiency? Why or why not?

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