Because of the owner's prejudice, a firm chooses to discriminate against hiring Oriental workers. Compared to an otherwise identical nondiscriminating firm hiring in the same competitive market, the discriminating firm will have
a. higher costs.
b. lower profits.
c. a lower quantity of labor supplied at every wage.
d. All of the above are correct.
d
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Suppose regulators impose a price ceiling on a monopoly. If the price ceiling is set too high
a. deadweight loss will be eliminated. b. deadweight loss will be reduced. c. deadweight loss will be increased. d. deadweight loss will not be affected.
If a good is price inelastic, a decrease in price will:
A) decrease total revenue. B) increase total revenue. C) not affect income. D) none of the above.
The net result of deflation is to:
A. decrease consumption and investment, decreasing aggregate demand. B. decrease consumption and increase investment, decreasing aggregate demand overall. C. increase consumption and investment, increasing aggregate demand. D. increase consumption and decrease investment, increasing aggregate demand overall.
When a bank makes a loan to one of its customers, to the bank the loan is classified as
A) an asset. B) a liability. C) neither an asset nor a liability. D) an asset in some cases and a liability in other cases, depending on the type of loan.