Why do skilled workers generally earn more than unskilled workers?
A. The demand for unskilled labor is more inelastic than the demand for skilled labor
B. Skilled labor has higher marginal revenue products than unskilled labor
C. The demand for unskilled labor is greater than the demand for skilled labor
D. The supply of skilled labor is greater than the supply of unskilled labor
B. Skilled labor has higher marginal revenue products than unskilled labor
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Refer to the table above. Which is the optimum location for the firm to set up its factory?
A) Far B) Close C) Very Far D) Very Close
Microsoft has integrated many components into its Windows operating systems, such as a web browser, media player, etc. How might this be an example of nonprice competition?
What will be an ideal response?
Which of the following is one of the functions of rental prices?
A) to redistribute income from landlords to renters B) to redistribute income from renters to landlords C) to signal to the local government when taxes on rental units should be increased D) to ration the use of existing housing for current consumers
If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.