The wage rate and MLC differ for a monopsonist because
a. the monopsonist is forced to pay a wage rate greater than the worker's MLC
b. the monopsonist must accept the labor market's wage rate
c. workers are not as efficient when employed by a monopsonist
d. any wage rate increase applies to all workers, not just to the last hired
e. a wage rate decrease forces workers to work longer hours
D
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Which of the following groups of economies appear to have both a political consensus to hold inflation low and the economic tools to do so?
a. middle-income economies b. high-income economies c. low- and middle income economies d. middle- and high-income economies
Refer to Figure 31.3 for a competitive labor market. A shift in labor supply from S1 to S2 could be caused by:
A. An increase in the price of machinery used in the production of the product. B. An increase in the price of the product being produced. C. An increase in the wage rate. D. The unionization of another, separate labor market.
A _______ is an enforceable claim on a good or service.
A. deed B. government decree C. price D. property right
Suppose 1 in 200 pilots flying Space-Race aircraft die each year while only 1 in 500 pilots flying Subspace Gliders die each year. Moreover, the average salary of Space-Race pilots is $115,000 while the average salary of Subspace Glider pilots is $109,000. Given this information, what is the implied statistical value of a life of a pilot?
A. $2,000,000 B. $120,000 C. $1,200,000 D. $6,000 E. $480,000