It is not optimal to have equal incomes
a. True
b. False
Indicate whether the statement is true or false
True
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After 1616, Virginia shifted more and more scarce resources out of food production and into tobacco production. Hence, the economic cost of tobacco production included the sacrifice of food production
Indicate whether the statement is true or false
Monopolistic competition differs from perfect competition only in the number of firms participating in the market
a. True b. False Indicate whether the statement is true or false
The graph shown best represents:
A. a binding price floor. B. a missing market. C. a binding price ceiling. D. a market for an inferior good.
In the labor market, contracts are often designed to include a variable salary component that is tied to some measure of performance. Why?
A. Such contracts provide workers with the incentive to work hard. B. Labor unions demand a variable salary component. C. The variable component reduces wages paid by firms. D. Most people are risk-loving and thus variability in their compensation leads to higher total utility.