If productivity increases as wages increase and firms pay a wage ________ the market clearing wage, then a potential benefit these firms may receive is a(n) ________ in employee turnover.
A. below; increase
B. above; reduction
C. below; reduction
D. above; increase
Answer: B
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Suppose a market is in equilibrium. If a price ceiling is set by the government below the equilibrium price, which of the following is most likely to occur?
If a grocery store offers a five percent discount to senior citizens, this is an example of ________ and is ________.
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly B) conditional sales; always illegal per se C) conditional sales; only illegal if the practice substantially lessens competition or tends to create a monopoly D) price discrimination; always illegal per se
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.
A new area of economics studies situations in which people appear to be making choices that do not appear to be economically rational. This area is called
A) irrational economics. B) social economics. C) behavioral economics. D) new wave economics.