Several states have set the minimum wage in their states higher than the federal minimum wage. If doing so places them at a competitive disadvantage for new business this might be counterproductive. On the other hand, the minimum wage is typically relevant only in low-paid service jobs.
Who makes the minimum wage in your community?
Would your community be better off with a higher minimum wage?
One of the principal opponents to minimum-wage increases is the umbrella organization for small business. Many states with higher minimum wages than the federal level exempt businesses with few employees. Should small businesses be exempt from minimum-wage laws?
Imagine an owner of a firm is thinking about raising prices. Describe the consequences of doing so as a monopolist, oligopolist, monopolistic competitor, and perfect competitor.
What are the key differences between monopolistic competition and perfect competition?
Think about This: One of the concerns about Walmarts entry into the grocery business in the latter part of the 1990s was that it would set low prices, drive little stores out of business, and then raise prices to monopoly levels when it had no competition. Can you explain why it has not happened?
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