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    market for engraving gold jewelry

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    6. In the Woody Allen film Radio Days, a character who has never been successful in business decides to start a career engraving gold jewelry. He argues that this should be especially lucrative, because the engraver gets to keep the gold dust from other people's jewelry. Comment.

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    Solution Preview

    Since you mention that this chapter is about competition, I'll aproach your question from that there.

    Basically, if we can consider the market for engraving gold jewelry as being perfectly or almost perfectly competitive, then the argument that it should be especially lucrative is definitely wrong. It is true that the character who starts the jewelry-engraving career will get to keep the (presumably valuable) gold dust from other people's jewelry, but the fact is that all the other engravers in the market ...

    Solution Summary

    Competition is aligned with the market for engraving gold jewelry and film reference.