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Product and resource markets: points of symmetry.
Abstract
For an introductory-level course, one useful teaching strategy is to regularly make students aware of the connections and symmetries between results established in different parts of the course. For example, in the introductory microeconomics course, it is straightforward to connect the behavior of a product price-maker and a resource price-maker. After identifying a number of general points of symmetry between them, this paper more carefully examines the connection between the mark-up pricing behavior of a product seller and the mark-down pricing behavior of a resource hirer. It then illustrates the connection between third-degree price and wage ...
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