Men and women tend to choose different types of occupations, and so
a. a source of wage differences between men and women is differences in human capital.
b. a source of wage differences between men and women is compensating differentials.
c. the gap between the earnings of men and the earnings of women is likely even more significant than the data alone indicate.
d. we should expect the earnings of women to rise relative to the earnings of men, in order to induce women to accept jobs that they have been reluctant to accept in the past.
b
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Often people trying to withdraw money from their bank must wait in line, which reflects a ________ allocation method
A) first-come, first-served B) market price C) contest D) command
Market structure is determined by the
a. volume of discounts, the quantity of foreign exchange, and the effects of Federal Reserve policy b. influence of government policy, the number of qualified buyers, and the effect of generally accepted accounting principles c. number of buyers and sellers, whether the product is standardized, whether there is free entry and exit, and how well informed the buyers and sellers are about the market d. volume of discounts, the effect of generally accepted accounting principles, and Federal Reserve policy e. influence of government policy, the quantity of foreign exchange, and the effects of Federal Reserve policy
The condition in which an individual consumer's budget is exhausted and the last dollar spent on each good yields the same marginal utility is called ________ ________
a. marginal utility b. consumer surplus c. consumer equilibrium d. total utility
Draw a long-run average cost curve that first exhibits increasing returns to scale (economies of scale), then constant returns to scale, and finally decreasing returns to scale (diseconomies of scale). Label each region