Econ 144-6 - Econ1446 16:58 Quiz#1...

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Econ 144-6 16:58 Quiz #1: Multiple choice, explanation optional Short answer/essay/true false (explain) Conrad 1-6, & Chapters 9, 14, + 19 Lecture materials 9/6 – 9/22 Preparing for the Quiz Complete all required readings Review your lecture notes Review the readings and notes together Email me questions and/or use office hours Monday 12-2 Arrive on time Review Product markets Firms calculate profit maximizing quantity of product Monopolists set prices Competitive firms take prices (determined by D=S in the market) Labor markets Workers supply labor (preferences, opportunity cost of time relative to the wage offer) Employers demand labor (at a quantity that maximizes profit depends on wage,  technology and other input prices) Assume labor markets competitive: D=S yields an equilibrium wage, employers are  wage “takers”
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