According to studies by Goldin and Skoloff (1982) and Craig and Field-Hendry (1993), the female-to-male wage ratio in the early 1800s
a. was higher in the North than in the South.
b. is comparable to the ratio in 1860.
c. encouraged the adoption and success of the Waltham system.
d. was greater than one.
c. encouraged the adoption and success of the Waltham system.
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In a natural monopoly situation
A) there are large economies of scale relative to demand. B) the firm has an upward sloping average cost curve. C) producers try to differentiate their product with advertising. D) there is no need for government regulation.
A nonrival good is a good that a. is produced by a monopoly
b. is produced by a cartel. c. can provide benefits to additional users at a zero marginal cost. d. is sold in a single market.
Goods that have spillover costs affect our collective well-being and therefore can be overproduced because
A. The government is concerned about broad economic welfare. B. The government has failed to enforce contract provisions. C. Most businesses are more concerned about profits than how the environment is affected. D. The government has failed to establish rules for contracts.
When Frankie spends all his money in such a way that the marginal utility per dollar is the same for all final purchases of products he consumes, Frankie has maximized
A) his marginal utility. B) his total utility. C) the number of products he consumes. D) his total expenditure on all products.