Each of the following involves one (or more) specific economic concepts. Identify the concepts and how such concept relate to the situation. Joe is…

Each of the following involves one (or more) specific economic concepts. Identify the concepts and how such concept relate to the situation.

Joe is going to work for Fishers Power and Light. FPL is the only legal provider of electricity in Fishers. His friend Al is telling him it’ll be great work and better pay. “After all”, he says “FPL can charge anything it wants to and people have to have electricity.”