During the late 1990s, the rapid advancement of computing and internet applications increased the remuneration received by computer engineers significantly above that of civil or mechanical engineers. This wage differential was created by:
a. a labor union
b. efficiency wages.
c. labor shortages.
d. discrimination.
c
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To be a natural monopoly a firm must
A) have significant network externalities. B) control a key resource input. C) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms. D) be in a government-regulated market.
If the nominal interest rate for Treasury bonds is 8% and the risk-free rate is 3%, the expected inflation rate must be:
a. 3% nominal interest b. 5% for Treasury bonds c. 11% d. cannot be determined without additional information
Price elasticities of supply are always:
A. the same as price elasticities of demand. B. negative numbers. C. positive numbers. D. greater than one.
In a monopolistically competitive market, there:
A. are many firms selling an identical product. B. is only one firm that sells many similar yet slightly different products. C. are many firms that have slight control over the price they charge for their product. D. are substantial barriers to entry.