Efficiency wages
a. raise the productivity of a firm's workers, so the firm hires more workers.
b. raise the productivity of a firm's workers, so the firm hires fewer workers.
c. reduce the productivity of a firms' workers, so the firm hires more workers.
d. reduce the productivity of a firm's workers, so the firm hires fewer workers.
b
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Economic fluctuations are defined as
A. alternating periods of significant GDP growth and decline. B. events only encountered in developing countries. C. periods of stable economic growth. D. alternating periods when the unemployment rate rises above and below zero.
Some firms practice odd pricing because
A) it is a way to price discriminate. B) it is too difficult for sellers to reeducate buyers into accepting even prices. C) it lowers transactions costs. D) they believe that customers will buy a larger quantity with an odd price.
Inflation burdens those individuals living on fixed incomes
Indicate whether the statement is true or false
If a product has only a few acceptable substitutes, demand for the product is most likely to be:
A. very inelastic. B. inelastic. C. elastic. D. very elastic.