Explain the Different Ways That the Term Mercantilism Has Come

question 14

Essay

Explain the different ways that the term mercantilism has come to be used, both theoretically and with regard to two specific policy problems. Cover the reading for the class on the subject and use at least one newspaper, magazine, or journal article for support.

Understand the role of technology in modifying the marginal product of labor.

Examine the relationship between marginal revenue product, wage rates, and employment levels in monopolistic settings.

Evaluate how increased labor costs or changes in market conditions affect a firm's employment decisions.

Explore the effects of regulatory changes, such as minimum wage increases, on employment levels.