Examlex
Explain how two Bertrand price competitors can price above marginal cost in an infinitely repeated game setting.
Well-being
A comprehensive term for the condition of an individual or group, encompassing physical, psychological, and social aspects.
Unemployment Insurance
A government program that provides financial assistance to individuals who have lost their jobs through no fault of their own.
Minimum-Wage Law
Legislation that sets the lowest hourly wage rate that an employer can legally pay its workers.
Labor Surplus
A situation where the supply of labor exceeds the demand for labor, often leading to unemployment.
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