What is calculated as MP x P?
a. revenue gained from the output of an additional worker
b. increase in costs associated with an increase in labor
c. change in output associated with a change in input
d. market price (value) of the company’s total output
a. revenue gained from the output of an additional worker
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Answer the following statement(s) true (T) or false (F)
1. The difference between the earnings of a college graduate and an unskilled worker constitute the rent on human capital. 2. Positive externalities created by human capital provide one explanation of why firms do not move more capital to low-wage areas. 3. If most employers discriminate on the basis of race, then wage differentials between whites and blacks will certainly occur. 4. If there is discrimination, employers engage in it at a cost. 5. One reason that the extent of discrimination is difficult to measure is that workers sometimes choose to accept lower-paying jobs even though higher-paying jobs are available.
In the specific factors model, which of the following is treated as a specific factor?
A) land B) labor C) cloth D) food E) technology
Eating a bag of sweets gives Rory 25 utils of satisfaction. How many additional utils would you expect Rory would get from eating a second bag of sweets?
(a) 25 utils. (b) Less than 25 utils. (c) More than 25 utils. (d) 50 utils.
When businesses cooperate and agree to hold prices high, it is called ________, and when they reach a noncooperative equilibrium it is called ________.
A. commitment strategy; collusion B. collusion; commitment strategy C. collusion; competition D. competition; collusion