Larry and Mike are equally skilled construction workers employed by the Brown and Root Company. Larry's job is riskier because he typically works on a scaffold 1,000 feet above ground. Larry's higher wage rate is the result of
A) economic discrimination. B) a negative feedback loop.
C) a compensating differential. D) a higher marginal revenue product.
C
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The figure shows the relationship between Moira's income and the quantity of macaroni that she demands. When income is less than $350 per month, macaroni ________
A) is an inferior good B) is a normal good C) has many substitutes D) has negative income elasticity
Assortative mating means that
A) poor women and rich men tend to marry. B) rich women and rich men tend to marry. C) rich women and poor men tend to marry. D) there are limited incentives to marry anyone.
A profit-maximizing monopolist will never operate in the portion of the demand curve with price elasticity equal to
A) -3. B) -1. C) -1/3. D) None of the above—the price elasticity does not matter.
Cab drivers operating from JFK Airport to the City of New York legally must charge a specific fare. This is an example of
A) social regulation. B) economic regulation. C) the market share test. D) the rate of return test.