Bob, the manager and owner of a small company, believes in the theory of efficiency wages. As such, Bob would be most likely to agree with which of the following quotes?
a. "The only place where success comes before work is in the dictionary.".
b. "Work hard. Play harder.".
c. "Pay a man for the job you want him to do.".
d. "Imagination is more important than knowledge.".
c
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Spending tends to be more susceptible to special interests than taxation
a. True b. False
A business owner makes 50 items by hand in six hours. She could have earned $10 an hour working for someone else. If each item sells for $5 and the explicit costs total $14, accounting profit for 50 items is:
A. $74. B. $236. C. $176. D. $300.
If the price is reduced from $100 to $80 in Figure 20.1, ceteris paribus,
A. Total revenue will decrease. B. Total revenue will increase. C. Quantity demanded will decrease. D. Demand will increase.
How can the market demand for a product be inelastic but the demand for a particular firm is elastic?
A) There is no advertising. B) There is a sufficiently large number of sellers. C) There is only one or two sellers. D) Buyers do not have complete information.