Which of the following reasons why women earn less than men is considered by some to be economic, and by others to be sociological?
A. Women outnumber men.
B. Women are more likely to choose to stay at home to raise small children.
C. The average man is physically stronger than the average woman.
D. Women are the only ones who can give birth.
Answer: B
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If a regulatory commission sets the regulated price equal to marginal cost for a natural monopoly:
a. losses will result. b. government subsidies will be unnecessary. c. the firm will earn economic profits. d. new firms will want to enter. e. resource use will not be optimal.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, there are more workers willing to work than there are jobs, so some workers are unemployed
a. True b. False Indicate whether the statement is true or false
Competitive Market
What will be an ideal response?
A fall in the price of milk, used in the production of ice cream, will:
A. Decrease the supply of ice cream B. Increase the supply of ice cream C. Cause a movement along the supply curve of ice cream D. Have no effect on the supply of ice cream