According to the Global Watch, a recent study on Chilean bus drivers revealed that drivers who are paid by the number of passengers rather than by the hour were far more productive because:
a. bus drivers do not like to work that hard
b. bus drivers are responding to average costs.
c. bus drivers don't like to work on the clockâgetting paid by the hour.
d. bus drivers, like most of us, respond to incentives.
d
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Even if all individual demand curves are downwardly sloped, the market demand curve may slope upward.
Answer the following statement true (T) or false (F)
Explain how the market for apartments allocates the scarce supply of apartments near the city center
What will be an ideal response?
Combined federal, state, and local government expenditures in the United States were approximately 9 percent of the gross domestic product (GDP) in 1930 . How large were government expenditures as a share of GDP in 2012?
a. approximately 15 percent b. approximately 25 percent c. approximately 30 percent d. approximately 38 percent
In what way does monopolistic competition favor consumers?
A) A limited number of sellers differentiate their products or services by offering better quality items and/or greater incentives to purchase them. B) A large number of sellers providing virtually identical products means that no single seller can set the price. C) A large number of sellers and products increases supply of similar, but not identical, products and services, so to increase demand sellers are likely to reduce prices. D) A single seller or provider ensures consistency of product quality and regulated pricing. E) A large number of sellers of virtually identical products means that no single seller can set the price for these products.