When a firm pays higher wages for its workers to improve workers' productivity, the firm pays
A. sticky wages.
B. minimum wages.
C. efficiency wages.
D. flexible wages.
Answer: C
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________: the schedule that shows how many units of a good that the consumer will purchase at different income levels, all other factors constant
Fill in the blank(s) with correct word
Skill-biased technological change increases wage inequality by altering the ________ high-skilled workers relative to low-skilled workers.
A. reservation price of B. supply of C. demand for D. mobility of
At the efficient level of production, ________
A) producer surplus must be greater than consumer surplus B) consumer surplus must be greater than producer surplus C) there is no deadweight loss D) the market price is greater than the monopoly price
Here's a taste of economic history: in the United States, rent controls were implemented in 450 designated areas during World War II because
a. residential construction had been curtailed due to the war effort b. houses were regarded as being essential to the war effort c. there was an excess supply of housing d. quantity demanded of housing decreased as soldiers went to war e. the price of housing became depressed due to falling demand for houses