If a prejudiced white employer behaves as if there is a disutility from hiring an African-American worker, then this disutility is measured by the:
A. Employment coefficient
B. Discrimination coefficient
C. Occupational coefficient
D. Affirmative action coefficient
B. Discrimination coefficient
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In an English auction, ________ with each bid
A) the price of the good increases B) the price of the good decreases C) the quantity of the good being offered increases D) the quantity of the good being offered decreases
The prediction by the American Medical Association of a shortage of physicians by the year 2020 assumes
A) physicians' fees will not rise to a market clearing level. B) physicians' services will be free goods. C) physicians' services will no longer be scarce. D) physicians will be willing to work for less income.
"Price discrimination allows a monopolist to increase his or her economic profits by capturing part of the consumer surplus and turning it into economic profit
" Is the previous statement correct or incorrect? If the statement is correct, why is it important in understanding firms' behaviors? If it is incorrect, why is it incorrect?
Utility is:
a. the cost associated with an additional unit of product. b. the satisfaction obtained from a good or service provided. c. the value that a third party places on a good or service. d. the price that a seller places on a good or service being provided.