Explain the reason for Pareto's revolution of the elite. (maximum 250 words)

Prepare 3 interview questions about this economic topic that you plan to ask your guest. Your questions should be thoughtfully prepared and reflect your depth of knowledge about the topic and the concepts we have learned in this course. (2 sentences for each question)

(c) Let us now turn to the labor market for grocery store workers in Little town. Recently one of the last two grocery stores in Little town closed leaving only one employer for grocery store workers in this area. This labor market is not very competitive. What type of market structure is this?  (d) Draw a typical supply curve (i.e. average expenditure), marginal expenditure, and demand for the grocery store in Little Town. Label the equilibrium wage and number of grocery store workers.  (e) Suppose that some time has passed and the population has grown in Little Town and there are now many grocery stores. Now suppose that the grocery store workers unionize. Draw a graph to depict the equilibrium wage and number of workers in this new market.

11) What is a monopsony? Show the graph of a monopsony with the going wage and number of workers employed.