{"id":18196,"date":"2019-12-13T01:25:02","date_gmt":"2019-12-13T06:25:02","guid":{"rendered":"https:\/\/iblog.dearbornschools.org\/farhoud\/?p=18196"},"modified":"2019-12-13T01:25:04","modified_gmt":"2019-12-13T06:25:04","slug":"ap-economics-12-13-19-2","status":"publish","type":"post","link":"https:\/\/iblog.dearbornschools.org\/farhoud\/2019\/12\/13\/ap-economics-12-13-19-2\/","title":{"rendered":"AP Economics &#8211; 12\/13\/19"},"content":{"rendered":"\n<p><strong>I.  Bellwork<\/strong> &#8211; Pg 704 FRQ #2 <\/p>\n\n\n\n<p><strong>II.\u00a0 Objectives<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Distinguish between perfectly competitive and imperfectly competitive labor markets<\/li><li>Analyze and construct supply graphs for labor for firm and perfectly competitive and imperfectly competitive labor markets<\/li><li>Determine the point where workers will continued to be hired for perfectly competitive and imperfectly competitive labor markets<\/li><\/ul>\n\n\n\n<p><strong>III.&nbsp;&nbsp;Discussion Pages 710-712<\/strong><\/p>\n\n\n\n<p>A&nbsp; Equilibrium in the Labor Market<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Figure 71.3 p 710 Perfectly competitive \u2013<\/li><li>Market Labor curve is horizontal &nbsp;&nbsp;<\/li><li>Equilibrium Wage =MFCL<\/li><li>Hire until MRPL = Market Wage<\/li><\/ul>\n\n\n\n<p>B. When the Labor Market is Not Perfectly Competitive<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Monopsony \u2013 See Table 71.1 &amp; Figure 71.4<\/li><li><a href=\"https:\/\/www.youtube.com\/watch?v=KZlbFAOis-I\">Marginal Resource Cost for a Monopsony Employer &#8211; part 1<\/a><\/li><li>In perfectly competitive markets the MFCL is constant and doesn\u2019t change<\/li><li>Non perfect markets must charge hire rates to attract more workers MFCL increases<\/li><\/ul>\n\n\n\n<p>C.&nbsp; Equilibrium in the Imperfectly Competitive Labor Market<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Hire until MRPL = MFCL<\/li><li>Figure 71.4 P. 711 (marginal factor cost of labor is higher than the market labor supply curve)<\/li><li>Figure 71.5 p 712 Equilibrium wage is less than MFCL<\/li><\/ul>\n\n\n\n<p><strong>IV.\u00a0\u00a0Classwork \u2013 71.3<\/strong> &#8211; See Module 71 Worksheets on iLearn<\/p>\n\n\n\n<p><strong>V.&nbsp; Homework 71.4 Part 1 &amp; 2<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I. Bellwork &#8211; Pg 704 FRQ #2 II.\u00a0 Objectives Distinguish between perfectly competitive and imperfectly competitive labor markets Analyze and construct supply graphs for labor for firm and perfectly competitive and imperfectly competitive labor markets Determine the point where workers will continued to be hired for perfectly competitive and imperfectly competitive labor markets III.&nbsp;&nbsp;Discussion Pages [&hellip;]<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95],"tags":[],"class_list":["post-18196","post","type-post","status-publish","format-standard","hentry","category-ap-micro-economics-f2019"],"_links":{"self":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/18196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/comments?post=18196"}],"version-history":[{"count":1,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/18196\/revisions"}],"predecessor-version":[{"id":18197,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/posts\/18196\/revisions\/18197"}],"wp:attachment":[{"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/media?parent=18196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/categories?post=18196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/farhoud\/wp-json\/wp\/v2\/tags?post=18196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}