Winner-take-all markets explain
A. why no one ever remembers who came in second.
B. why top paid corporate executives, professional athletes, and entertainers earn such high salaries.
C. why nominal wages are always higher than real wages.
D. why real wages are tied to productivity.
B. why top paid corporate executives, professional athletes, and entertainers earn such high salaries.
You might also like to view...
Printing of paper money by the Confederate government led to
a. an immediate hyperinflation that lasted for the entire period of the War. b. a short-term hyperinflation that lasted for only the first year of the War.c hyperinflation in the final months of the War.d sporadic episodes of hyperinflation that emerged throughout the War.
Profit-maximizing firms enter a competitive market when, for existing firms in that market,
a. total revenue exceeds fixed costs. b. total revenue exceeds total variable costs. c. average total cost exceeds average revenue. d. price exceeds average total cost.
Which of these types of firms can earn a positive economic profit in the long run?
a. monopolies, but not competitive firms or monopolistically competitive firms b. monopolies and monopolistically competitive firms, but not competitive firms c. monopolies, monopolistically competitive firms, and competitive firms d. No firms earn positive economic profit in the long run. Entry will reduce all firms' economic profit to zero in the long run.
Which of the following does NOT involve transfers in kind?
A. food stamps B. income tax refund C. Medicare D. public housing