Written expression is an important quality for any form of civil discourse. Equally important, and intimately related to this requirement, is the ability to demonstrate clarity and organization of thought. Developing, communicating, and defending ideas is a crucial element in the writing process. The ability to anticipate and defend counterarguments is also an important factor in this process. To that end, this final assignment is meant to draw on your experiences throughout this course and culminate in a persuasive essay that demonstrates your ability to find evidence and use logic to make your case for or against the fundamental question of:
Can Racial Equity Exist in American Health Care?
Illustrate each of the following scenarios. In each case, assume that the corresponding output market is competitive.
a. Equilibrium in a perfectly competitive labor market (be sure to draw both a market and a firm graph).
b. Equilibrium in a monopsony labor market.
c. Equilibrium in a monopoly labor market (for example, a labor market with a union maximizing economic rent).