If TruLite's factory workers receive an hourly wage, described by the equation; Compensation = $5.00 + .10Q, where Q is the number of light switches installed per hour, then:
A. the employee can remain completely risk-averse.
B. there are no compensating differentials.
C. output becomes a subjective measure of performance.
D. the employee must accept risk of production variability.
Answer: D
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Which of the following is NOT considered a receipt in the balance of payments?
A) exports of goods B) capital inflows C) import of services D) unilateral transfers to U.S. citizens
In the above figure, the area of rectangle ABHG represents the monopolist's
A) maximized economic profits. B) maximized total revenue. C) average total profits. D) total costs.
A midwestern farmer grows wheat and sells it to a miller for $500 . After processing, the miller sells the flour to a baker for $800, who then sells it to a grocery store for $1,000 . The grocery store sells it to customers for $1,200 . In these transactions, how much has been added to GDP?
a. $500 b. $800 c. $1,000 d. $1,200 e. $3,500
The minimum wage is a good example of a price floor
Indicate whether the statement is true or false