Wages set above the equilibrium wage by
a. firms to increase morale are called collective bargaining wages.
b. lawmakers to decrease cyclical unemployment are called minimum wages laws.
c. firms to increase productivity are called efficiency wages.
d. lawmakers to decrease the length of a job search are called efficiency wages.
c
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Suppose that you have noticed that almost all of the car dealers in your city are located along a three-block stretch of the same street. A likely reason for this clustering of car dealers is that:
A. each dealer sells a different brand of car, so they are not competitors and do not have to be concerned about the other dealers' locations. B. the dealers are better able to form a cartel. C. there is a social norm in that city that dealers follow in choosing location. D. each dealer is attempting to locate closest to the customers.
A country cannot achieve economic growth with a limited base of natural resources.
Indicate whether the statement is true or false.
What is a perfectly contestable market?
What will be an ideal response?
When the price of holiday lights increases 4 percent, the quantity supplied increases 3 percent. This example would have a(n) ______ supply curve.
a. equilibrium b. unit c. elastic d. inelastic