Low-skill workers earn a lower wage than more experienced, higher skilled workers because the
a. low-skill workers lack the intelligence necessary to do any other form of work.
b. low-skill workers were never given the opportunity to invest in human capital.
c. supply of low-skill workers is large relative to the demand for workers in this skill category.
d. low-skill workers are too lazy to search for other employment opportunities.
C
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The opportunity cost of increased production of some good can be measured with
A. the slope of a ray to the production possibilities curve. B. the area under the curve of a production possibilities curve. C. the area of the rectangle bounded by the axes and the point on the production possibilities curve. D. the slope of the production possibilities curve. E. All of the responses are correct.
If, for a producer, large changes in price lead to relatively small changes in quantity, the producer's
A) demand is price elastic. B) demand is price inelastic. C) supply is price elastic. D) supply is price inelastic.
Aggregate producer surplus in an industry is measured along the market supply curve is and only if firm production technologies exhibit the quasilinearity property.
Answer the following statement true (T) or false (F)
Refer to the graph shown depicting a monopolistically competitive firm. The marginal revenue curve is represented by curve:
A. A. B. B. C. C. D. D.