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What role does competitive markets play in an economy?
The competitive market plays the role of equalizer. In a free market economy there are checks and balances in supply and demand. [ Competition allows buyers the opportunity to receive the best value for their money .The role of the government in the competitive market is to eliminate negative externalities, the government which also ensures that there is free entry and exit into a competitive
market industry. On the hand there exist monopolies in the market that are financed by the government and the reason for this is to provide goods that may be too expensive to provide. The government will however in most cases encourage competition whereby competition results into optimal pricing in the economy. ]
Expert answered|badgerpoe|Points 1060|
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Asked 7/24/2011 5:22:26 PM
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Why do some workers make more money than others? Explain using labor market equilibrium.
Weegy: A worker can either be a commodity or a differentiated input. A commodity is standardized and thus paid a standardized wage. Lets say a guy putting lugnuts on at a tire repair shop. [ [ If all he does all day is put lug nuts on at a rate of 6 per 10 minutes then he is paid 7 dollars an hour. A commoditiezed worker can be replaced with another worker easily so there is no ability to negotiate wages usually because it requires little to no training to complete the work. A differentiated worker can charge differently according to his skill set compared to other workers. For example. A mechanic can charge differently according to the areas he is certified in. If he can repair transmissions, rebuild engines and program control units, he can charge differently than a mechanic that can only rebuild engines. Thus the 3 skill set mechanic will make more money than a 1 skill set mechanic. Also there is a premium for quality work, the best mechanics can charge more because of their reputation than for the average mechanic. Unless there is internvention from government the negotiation of wage is done individually and thus each worker is paid according to his measure. ] ] User: Must everyone make the same wage? Weegy: and, so, must offer each the same wage. Finally, suppose potential employees can make [ ] (More)
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Asked 7/18/2011 9:15:18 AM
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Must everyone make the same wage? Explain using labor market equilibrium.
Weegy: Equilibrium is the point on your graph where supply and demand meet. A labor market equilibrium is affected by supply as the equilibrium point would change according to the amount of workers able, willing, [ and qualified to work at any given position. Demand affects this as companies are the ones demanding the jobs and if they are not demanding jobs in a specific area, then that area will likely have a low population of able, willing, and qualified workers. ] (More)
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Asked 7/18/2011 9:19:56 AM
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Asked 7/18/2011 10:41:21 AM
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Asked 7/18/2011 10:56:05 AM
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What factors do you use to determine whether to invest in the sdditional capitol and labor?
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