Compensating differentials are
A) non-monetary benefits from being employed, such as health-care benefits.
B) higher wages that compensate the more experienced workers in a field.
C) wages paid to workers where the supply of labor is great relative to demand.
D) higher wages that compensate workers for unpleasant aspects of a job.
D
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When consumption of a good creates positive externalities,
a. the private demand curve shifts rightward b. the private demand curve shifts leftward c. the private demand curve is below the marginal social benefit curve d. the private demand curve is above the marginal social benefit curve e. the equilibrium quantity determined by the free private market is too high
By convention, there are two major divisions of economics, called:
A. rational economics and irrational economics. B. microeconomics and macroeconomics. C. reservation price and opportunity cost. D. marginal benefit and marginal cost.
If the price of labor is constant and a firm experiences diminishing marginal product, then its
A) marginal costs increase. B) marginal costs decrease. C) fixed costs increase. D) total costs decrease.
Ads make buyers feel that they ______ have the product. In other words, the ad makes the good more _________.
Fill in the blank(s) with the appropriate word(s).