Consumers are better off with pricing in the following order: 1)________; 2)________; 3)________
A) competitive market; perfect price discrimination; single-price monopoly
B) competitive market; single-price monopoly; perfect price discrimination
C) single-price monopoly; competitive market; perfect price discrimination
D) Unable to determine.
D
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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?
The fact that any pareto efficient equilibrium can be achieved through competition by adjusting endowments is called
A) the second welfare theorem. B) the first welfare theorem. C) the third welfare theorem. D) That is not possible.
A decision to supply labor or not to supply it is also a decision to
a. earn the highest possible wage. b. demand or forgo a certain amount of leisure. c. be as productive as possible. d. join the union.
An individual should continue to spend time searching for a job as long as
a. all salary offers are below what the person expected. b. the marginal benefit expected from additional search exceeds the marginal cost. c. job openings are available in the individual's field. d. information is available that the individual has not yet collected.