In the real world, wage negotiations typically do not drag on for years:
A. because the company can simply offer the split that would eventually occur if the two sides played all the rounds.
B. because neither a company nor employees can afford to not work for that long.
C. unless the employees play an ultimatum game using a union to negotiate.
D. None of these statements is true.
A. because the company can simply offer the split that would eventually occur if the two sides played all the rounds.
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When the percentage change in the quantity supplied is less than the percentage change in price, the supply is
A) elastic. B) inelastic. C) unit elastic. D) perfectly unit elastic. E) perfectly elastic.
Suppose the U.S. can produce 10 units of food and five units of clothing (or any such linear combination) and Canada can produce six units of food and four units of clothing (or any such linear combination)
If trade occurs between these two countries, which should produce more food and which more clothing?
Which of the following is true for a price-searcher firm?
a. Its marginal revenue curve will lie below its demand curve. b. Its marginal revenue curve will lie above its demand curve. c. Its marginal revenue curve is equal to its demand curve. d. Its marginal revenue curve is horizontal at the market equilibrium price.
The Supplemental Security Income (SSI) program focuses on the poor who are sick or disabled
a. True b. False Indicate whether the statement is true or false