A worker supplies labor to the market if the
A) wage is less than the reservation wage.
B) wage is greater than the reservation wage.
C) minimum wage is less than the reservation wage.
D) demand for labor exceeds the supply of labor.
B
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In the market for cotton, suppose the equilibrium price is $10 per ton and the equilibrium quantity is 100 tons. If the government then imposes a price support of $5 per ton,
A) a deadweight loss is created. B) the market becomes more efficient. C) consumer surplus increases. D) producers' economic profits increase. E) None of the above answers is correct.
Refer to Figure 9-3. What is the value of the deadweight loss as a result of the quota?
A) $5.25 million B) $8 million C) $17.25 million D) $20 million
According to George Stigler, the monopolist is distinguished from other entrepreneurs because of his or her
a. motivation b. market position c. profit objective d. strategy e. morality
In the single-period principal-agent model:
A. the employer is risk-neutral but the employee is risk-averse. B. both the employer and the employee are risk-neutral. C. both the employer and the employee are risk-averse. D. the employer is risk-averse but the employee is risk-neutral.