The activity known as shirking is LEAST likely to occur when:
A. all workers are paid the same wage rate.
B. firm ownership is separated from the managerial control.
C. the earnings of a worker are closely tied to the worker's output.
D. workers are not monitored.
Answer: C
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What resources can a firm change in the short run? In the long run?
What will be an ideal response?
In order to ensure allocative efficiency on the part of a natural monopoly, regulators would set price equal to marginal cost
a. True b. False
If we knew that the price of goods rose, on average, by 5 percent last year and by 4 percent this year, we would know
a. nothing about the rate of inflation b. that the inflation rate is rising c. that the inflation rate is falling d. that we are in a stagflation e. that we are in a recession
An example of a monopolistically competitive industry is cable television service.
Answer the following statement true (T) or false (F)