The most important reason for why some people have higher income than others is ______.
Fill in the blank(s) with the appropriate word(s).
differences in wages and salaries
You might also like to view...
Your boss wants to know if you should lay off any workers. You answer that you should lay off workers if the
A) marginal revenue product of labor is greater than the nominal wage rate. B) marginal product of labor is greater than or equal to the real wage rate. C) marginal revenue product of labor is equal to the nominal wage rate. D) marginal product of labor is less than the real wage rate.
In a monopolistically competitive market, the consumer receives the benefit of
A) production at minimum average cost. B) production where price equals marginal cost. C) product differentiation. D) allocative efficiency.
A firm's average fixed cost curve is: a. U-shaped
b. a curve that increases as output expands. c. a vertical line. d. a curve that declines as output expands and approaches the X-axis when output is very large.
As an individual earns additional income, the marginal utility of income tends to
A. Decrease. B. Increase. C. Remain constant. D. Shift toward the origin.