1.) With an economic perspective write a brief
summary of the current event article (5 sentences)

– The
Washington Post

“Coming Soon to an Airport New You – Flight Delays” 4-19-2013

2.) Write your opinion and application of this article to your life
(5- 7 sentences).

1. Describe the welfare costs of a monopoly. (5 pts)

2. Discuss the regulator organizations that monitor
anti-trust inAmerica. Name
these organizations and their functions. (15 pts)

3. Summarize in 100 to 150 words the concept of determining labor market
equilibrium from the following Web site: (5 pts)
Labor Market Policies

http://info.worldbank.org/etools/docs/library/75867/dc2003/proceedings/pdfppt/concepts.pdf

4. Summarize in 100 to 150 words the elements that determine the minimum
wage inAmerica from the Web article: (5 pts)
Minimum Wage Facts at a Glance

http://books.google.com/books?id=gzurqlZpyfcC&lpg=PR5&ots=KqbMDCBoeZ&dq=elements%20that%20determine%20minimum%20wage%20in%20america&lr&pg=PR5#v=onepage&q&f=false

5. Define a
monopsony market for labor. Is it a wage maker or taker? What does the supply
curve look like and why? Discuss the relationship between the marginal labor
costs and wage rates. What determines the amount of labor that a firm hires? (5
points)

6. Name and
discuss the different types of labor unions. Be sure to include specifics. (5
points)