One difficulty with the idea of comparable worth is that
a. it does not address the idea of compensating wage differentials
b. it would reduce the federal budget deficit
c. it would cause aggregate wages to fall
d. a government agency cannot accurately evaluate the many different characteristics of jobs
e. it would not take into account differences in the supply of labor among firms
D
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If consumers within an industry cannot be represented by as single representative consumer, then the industry equilibrium does not occur where market demand intersects market supply.
Answer the following statement true (T) or false (F)
Jenny Magalnick is a medical researcher at the National Institutes of Health. She produces a(n)
a. transfer b. entitlement c. public good d. merit good e. government good
A person with diminishing marginal utility of wealth is risk averse
a. True b. False Indicate whether the statement is true or false
Medical research that results in a cure for a serious disease produces positive externalities. What is the impact of this positive externality on economic efficiency?
A) At the market equilibrium, less than the economically efficient quantity of medical research is produced. B) A deadweight loss occurs because at the market equilibrium the marginal social cost of medical research is greater than the marginal social benefit. C) At the market equilibrium, more than the economically efficient quantity of medical research is produced. D) A deadweight loss occurs because at the market equilibrium the marginal social cost equals the marginal social benefit.