Comparable worth is the principle that:
a. men and women should be paid comparably.
b. employees who perform comparable jobs should be paid the same wage.
c. the wage rate equals the value of productivity.
d. goods and services priced the same have about the same worth.
b
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If the market price of a perfectly competitive firm's product is below its average variable cost, then the firm's
A) marginal revenue is zero. B) total revenue is as large as possible. C) total revenue if it stayed open would be less than its total variable costs. D) total revenue if it stayed open is less than its total cost but greater than its total fixed costs.
Unemployment that results from business recessions that occur when aggregate demand is insufficient to create full employment is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
What is one reason firms might lobby to prevent entry into their market?
A) The long run equilibrium might be characterized by P = MC = ATC. B) The long run equilibrium might be characterized by P = MC < ATC. C) The long run equilibrium might be characterized by P > MC = ATC. D) The long run equilibrium might be characterized by P = MC > ATC.
The quantity of output supplied at ________ is represented by the aggregate supply curve.
A. a constant money supply B. varying interest rates C. different price levels D. various levels of GDP