1• Title:Solidarity Forever• Artist:Pete Seeger•Economic concept:labor union as cartel, need for cartel enforcement and cooperation to increase producer (labor) surplus•Representative lyrics:When the union's inspiration through the workers' blood shall run,There can be no power greater anywhere beneath the sun;Yet what force on earth is weaker than the feeble strength of one,But the union makes us strong. PAM 200: Intermediate MicroeconomicsProf. John CawleyChapter 15:Factor Marketsand Vertical Integration
has intentionally blurred sections.
Sign up to view the full version.
2Where We AreConsumer Theory Individual Demand Market DemandTheory of Production Costs of Production Perfect Competition Imperfect Competition:MonopolyMonopolistic CompetitionOligopolyPricesGeneral EquilibriumMarket ImperfectionsFactor MarketsStrategy Game TheoryOutline•Competitive factor market–How a firm can choose optimal quantity of a factor–How changes in output prices affect factor demand–Factor market equilibrium• Monopsony•Vertical Integration