If on-the-job training provides general job skills:
a. the employer will never provide such training.
b. the employer will always provide such training.
c. the employer may provide such training if it increases workers' wages.
d. the employer may provide such training if workers accept a lower wage.
d
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A firm doubles the quantity of all resources it employs and, as a result, total output doubles. Which of the following is correct?
A. The law of diminishing returns is proven wrong. B. The example is for the short run rather than the long run. C. The long-run average total cost is horizontal. D. There are increasing returns to scale.
Whenever a firm can charge a price greater than marginal cost
A) the firm must be a monopolist. B) consumers have the ability to choose a close substitute. C) there is some loss of economic efficiency. D) the firm will earn economic profits.
Mergers are closely scrutinized by the government because
A) they might allow the firms involved to dominate the market and act as a legalized cartel (monopoly). B) they always result in a more efficient market. C) they always result in lower joint profits of the firms involved. D) all mergers are undesirable.
Which of the following correctly describes price discrimination?
a. Selling different products to different people for the same price. b. Selling different products to identical people for different prices. c. Selling the same product to different people for different prices. d. Selling the same product to the same person for the same price.