Which is NOT one of the potential benefits of labor unions?
A) Unionism raises social efficiency.
B) Unions appear to reduce wage inequality.
C) Unions may reduce a company's profits.
D) Unions may have contributed to safer working conditions.
Answer: C
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The use of psychological incentives to solve commitment problems would be least effective in games played:
A. once between strangers. B. repeatedly between strangers. C. repeatedly between family members. D. once between family members.
Farmer Jones knows that the marginal cost to produce a bushel of tomatoes is $5 per bushel. He also knows that a consumer is willing to pay a maximum of $9 for the bushel. The price of the bushel is $6 and Farmer Jones sells his bushel for $6
On this bushel, Farmer Jones earns a producer surplus equal to A) $1. B) $3. C) $5. D) $6.
A "household" refers to people related by blood or marriage
Indicate whether the statement is true or false
Prohibiting price increases in situations of true scarcity
A. prevents the market mechanism from reallocating resources more efficiently. B. discourages production. C. may lead to extreme shortages of vitally needed products. D. All of the responses are correct.