Assume that Burger King employees work in an air-conditioned environment while McDonalds employees do not. Other things equal, you would expect wages to be ____ in Burger King because ____.
a. higher; Burger King is a more prestigious place to work
b. higher; Burger King employees are more productive
c. lower; McDonald's employees are more productive
d. lower; Burger King has more favorable working conditions
d. lower; Burger King has more favorable working conditions
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In a market economy, what specifies the terms of exchange, facilitating exchange between strangers?
A) contracts B) insurance C) patents D) accounting rules
The above figure shows the demand and cost curves facing a monopoly. The monopoly maximizes profit by setting price equal to
A) $100. B) $200. C) $300. D) $400.
A monopolist's goal is to maximize
a. costs b. sales c. profit d. market power e. price
If price were set by the government at $10, there would be a price __________, that would cause a ___________ of ______ units.
A. floor; surplus; 12
B. floor; shortage; 14
C. ceiling; shortage; 12
D. ceiling; surplus; 14