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Economics

1. Which of the following are characteristics for both perfectly and imperfectly competitive labor markets.

In both cases, labor is highly mobile.

In both cases, workers are paid for their Marginal Revenue product and are not exploited.

In both cases, the firm is a wage taker.

In both cases, individual firms maximize profit by hiring employees until the point at which the last employee's Marginal Revenue Product (MRP) equals their Marginal Resource Cost (MRC).

2. A surgeon practices at Community Hospital on the private patients he admits there. He does rounds every day after surgery and enters notes in his patients' charts (paper records kept at the nursing station). Who owns these medical records?

The patient

The nurse

The government

The hospital

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