What did economists Robert Jensen and Nolan Miller determine must be true for a good to be a Giffen good, where the income effect is larger than its substitution effect?
What will be an ideal response?
The good must be an inferior good and it must make up a very large portion of consumer's budgets.
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What is the effect of a minimum wage law in a monopsony labor market?
What will be an ideal response?
Random walk theory says
a. throwing darts will pick winners. b. random selection of stocks will do as well as other methods of stock choice. c. speculation can't lose if you wait long enough. d. investment in stocks can't be profitable.
The ______________________: is the expenditure required to construct the building today, replicating it in exact detail.
Fill in the blank(s) with the appropriate word(s).
Human effort that can be applied in the production process is called:
A) natural resources. B) technology. C) labor. D) specialization.