Relative to nonunion wages, one reason union wages are
A. Lower is because unions exclude workers from the market, which hurts their ability to raise wages.
B. Higher is because unions are more likely in capital-intensive industries where wages tend to be higher.
C. Higher is because unions have workers that contribute more to society.
D. Lower is because the percentage of the workforce that is unionized is declining.
Answer: B
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Technological advancements have led to lower prices and an increase in the sale of color laser printers. How does this affect the market for traditional inkjet printers?
A) The demand curve for inkjet printers shifts to the right. B) The quantity of inkjet printers demanded decreases. C) The demand curve for inkjet printers shifts to the left. D) The quantity of inkjet printers demanded increases.
Price discrimination requires:
a. a firm to be a competitive firm. b. a firm to be able to segment its customers based on different price elasticities of demand. c. arbitrage. d. that the product can be easily resold.
Tariffs are considered to be a popular tax in the first world countries, who justify them on the basis of the revenue they generate for government spending
a. True b. False Indicate whether the statement is true or false
If Vito decides to work 30 hours instead, his marginal utility loss from having less leisure will be 34.
a. 15
b. 21
c. 27
d. 8