1. Select any company that you will like to work for. Assume that your boss has asked you to analyze the type of market structure your company falls into. Based on what you have studied, what would yo

1. Select any company that you will like to work for. Assume that your boss has asked you to analyze the type of market structure your company falls into. Based on what you have studied, what would you tell him/her and what information would you use to support your answer?

2.The Organization of Petroleum Exporting Countries (OPEC) is an international cartel of a group of large oil exporting countries. It tries to control the price by keeping a check on the amount of crude oil produced by its member states. Is its effect on the crude oil market a harmful or a desirable act?

3.What are the main characteristics that help differentiate a monopoly from a firm in a perfectly competitive market?

4. Explain why technological progress will, at best, only temporarily allow a perfectly competitive firm to earn an economic profit and what will happen to profit in the long run. 

5.If the same technological progress happens to a monopoly what will it do for its profits?

6.Using the concept of derived demand for labor, explain why is the labor demand curve downward sloping?

7. Using market demand and market supply of labor, explain why unionized workers often command a higher wage rate than ono-union labor.

8. Using the value of its marginal products, explain how the demand for capital is determined.

9.What rule do consumers follow to maximize the utility they derive while spending their money to buy the various products they need?

10.Using the concept of utility, explain why water although more essential for life than diamond is so much cheaper than diamond.                                                                                                     

11. Let us assume that the demand for A and B are at their utility maximizing level given the marginal utility and the price of A and B.  Explain how the utility maximizing demand for A and B will change if the price of A drops while the price of B stays the same.