Paying a person a lower wage or excluding a person from an occupation on the basis of an irrelevant characteristic such as race or gender
A) violates federal comparable worth laws.
B) can be explained by negative feedback loops.
C) creates differences in wages that economists call "compensating differentials."
D) is economic discrimination.
D
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If demand is ________, a price cut ________ the total revenue
A) elastic; increases B) unit elastic; decreases C) inelastic; increases D) inelastic; does not change E) normal; decreases
In which of the following ways is a monopolist different from a perfect competitor?
a. Average cost will continually drop as output expands. b. Price is above marginal revenue. c. Average total cost equals average fixed costs plus average variable costs. d. The demand curve for the industry has a negative slope.
Refer to the information provided in Figure 13.8 below to answer the question that follows. 
Figure 13.8 Refer to Figure 13.8. The only firm producing electricity has the long-run average total cost curve shown. The total amount of demand for kilowatts is 100,000 per hour. It makes economic sense for this firm to be the only producer of electricity because this firm
A. must have control over a scarce factor of production. B. must be realizing economies of scale in producing electricity. C. must have a government franchise to produce electricity. D. must have a patent on the production process necessary to produce electricity.
The total quantity of goods and services demanded by households, firms, foreigners, and government at varying price levels is:
a. gross domestic product. b. aggregate demand. c. aggregate expenditure. d. total demand. e. total expenditure.