In well-working markets, any gains from coordination are reflected in the level of product variety.
Answer the following statement true (T) or false (F)
True
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Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid by the hour. Under this contract,
A) production efficiency is not achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.
For nations with relatively high wage rates,
a. the wage costs per unit of a good produced are usually relatively high. b. foreign exporters have an unfair advantage over domestic producers. c. tariffs would improve the allocation of scarce resources. d. the wage rates often reflect relatively high labor productivity.
Whenever average total cost exceeds marginal cost,
a. average total cost is rising. b. average total cost is falling. c. marginal cost is rising. d. marginal cost is falling.
The federal income tax on wages is the largest source of revenue for the federal government.
Answer the following statement true (T) or false (F)