An efficiency wage is designed to
A) keep the minimum wage from falling.
B) keep the minimum wage from rising.
C) to induce more employment.
D) decrease the need for workers to search for jobs.
E) induce more work effort.
E
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Profit can be defined as the
a. difference between the sales revenue of a business firm and the opportunity cost of the resources required to produce the goods supplied by the firm. b. difference between a company's income and direct monetary costs of production. c. difference between the price of a product and the consumer's valuation of the good. d. amount of total revenue earned by the firm minus its payments to stockholders.
Opportunity costs differ among nations primarily because
a. nations employ different currencies. b. nations have different endowments of land, labor skills, capital, and technology. c. nations have different political institutions. d. work-leisure preferences vary considerably from one nation to another.
Which of the following is the best example of a firm operating in a monopolistically competitive market?
A. A Kansas wheat farmer. B. TGI Fridays, a family restaurant. C. U.S. Postal Service. D. Boeing, an aircraft manufacturer
In a repeated game, deterring entry
A) is not possible. B) is not a rational strategy if money is lost fighting the first potential entrant. C) may require losing money fighting the first potential entrant. D) cannot form a subgame perfect Nash equilibrium.