There is discrimination in the labor market on the planet of Yerk between two groups of people, the Mirks and the Morks
If the discrimination is against the Mirks, then the VMP curve for Mirks is ________ the VMP curve for Morks, and the Mirks receive ________ than the Morks. A) to the left of; the same wage rate, but fewer are employed
B) to the right of; the same wage rate, but fewer are employed
C) to the left of; a lower wage rate
D) to the right of; a lower wage rate
C
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What is the Principal of Optimization at the Margin? Explain with an example
What will be an ideal response?
Refer to Figure 27-4. In the graph above, suppose the economy is initially at point A. The movement of the economy to point B as shown in the graph illustrates the effect of which of the following policy actions by Congress and the president?
A) an increase in the marginal income tax rate B) an open market purchase of Treasury bills C) an increase in interest rates D) an increase in transfer payments
Ted has decided to buy a burger and fries at a restaurant, but is considering whether to buy a drink as well. If the price of a burger is $2, fries are $1, drinks are $1, but a value meal with all three costs $3.80, the marginal cost to Ted of the drink is:
a. $0.20 b. $0.80 c. $1.00 d. $3.80
The demand schedule reports the quantity demanded at
A. a zero price. B. many different prices. C. the average of all prices. D. the market equilibrium price.