Economists argue competitive markets provide a "natural remedy" to discriminatory wage practices. Which of the following is widely recognized as a potential limit to the effectiveness of that natural remedy?
a. Some workers are members in unions.
b. Some firms pay efficiency wages; others do not.
c. Some customers are discriminatory in their buying habits.
d. Some employees have accumulated more human capital than other employees.
c
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Any attempt to capture a consumer surplus, a producer surplus, or an economic profit is called
A) profit-maximizing. B) rent-seeking. C) price discriminating. D) efficiency gain.
Since the 1950s,
A) U.S. business cycle fluctuations have becomes more volatile. B) U.S. business cycle fluctuations have not changed. C) U.S. business cycle fluctuations have become milder. D) the United States has not experienced a business cycle.
Compared to proportional-representation systems, two-party systems are thought to lead to:
A. more centrist politics. B. less centrist politics. C. a greater variety of policy getting passed. D. very little legislation actually getting passed.
The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income
a. True b. False Indicate whether the statement is true or false