Which of the following would explain wage rigidities?
a. Inflexible long-term contracts
b. Inflation
c. The liquidity of financial assets
d. The reluctance of firms to lay off workers
e. High worker productivity
a
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An example of a firm in monopolistic competition is
A) your local water company. B) the sole cable television company. C) the many Chinese restaurants in San Francisco. D) Kansas Power and Light, the sole provider of electricity in Kansas City. E) Shaniq, a wheat farmer.
The leverage ratio is the ratio of a bank's
A) assets divided by its liabilities. B) income divided by its assets. C) capital divided by its total assets. D) capital divided by its total liabilities.
What does it mean to say economics is an empirical science, and how is this related to the question of deciding on the usefulness of a model?
What will be an ideal response?
Figure 17.1 depicts a firm's marginal revenue product curve. If the product price decreases, the marginal revenue product curve:
A. shifts downward. B. shifts upward. C. remains the same. D. None of these