Sustained increases in the standard of living depend on
A) increases in the population.
B) increases in the quantity of labor.
C) increases in labor productivity.
D) decreases in labor productivity.
E) increases in aggregate hours.
C
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A monopolistic competitor earns zero economic profits if ________
A) price is higher than average total cost B) price is lower than marginal cost C) price is equal to marginal cost D) price is equal to average total cost
Explain how low-skilled workers might actually be made worse off from a minimum wage law in terms of working conditions and job training. In addition, what might be the long-run impact on wages and earnings?
What will be an ideal response?
Macland’s Power company is a natural monopoly. Its regulators have given Macland’s Power the price it can charge for the next five years with the fourth and fifth year’s price declining by 5%. After five years, Macland can renegotiate the price. What method are the regulators using to control this natural monopoly?
a. Cost plus regulation b. Price equals average total cost regulation c. Price cap regulation d. Cost elasticity mark up
In 1914, Henry Ford began paying his workers $5 per day, about twice the going wage. As a result, turnover and absenteeism fell and productivity and profits rose
a. True b. False Indicate whether the statement is true or false