A difference between the efficiency wage and the opportunity cost of labor is largely determined by
A) the number of managers.
B) the costs of monitoring employees.
C) the use of computers.
D) none of these choices.
B
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What will be an ideal response?
Keynes's motivation in developing the aggregate output determination model stemmed from his concern with explaining
A) the hyperinflations of the 1920s. B) why the Great Depression occurred. C) the high unemployment in Great Britain before World War I. D) the high unemployment in Great Britain after World War II.
When using the terms "total utility" or "marginal utility" we assume:
a. the consumer will exchange one commodity for another b. the consumer will part with money for the commodity c. the consumer has declined to purchase the commodity d. a and b are correct
If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elasticity of demand
a. will also be -0.3. b. depends on how large a crop the farmer produces. c. will range between -0.3 and -1.0. d. will be infinite.