An economic rent is created when
(a) organized labor pushes its members' wages above those of unorganized labor.
(b) market forces determine prices and output.
(c) businesses take market prices as given.
(d) laborers accept competitive wages.
(a)
You might also like to view...
Deadweight loss is the decrease in ________ from producing an inefficient amount of a product
A) only consumer surplus B) only producer surplus C) consumer surplus and producer surplus D) profit
Since 1980, ________ are subject to reserve requirements
A) only commercial banks B) only the member institutions of the Federal Reserve C) only nationally chartered depository institutions D) all depository institutions
The long-run Phillips curve is
A) vertical. B) horizontal. C) upward sloping. D) downward sloping.
According to the KOF Swiss Economic Institute's globalization indices for the world, globalization
A) has been on a downward trend. B) has been constant since 1970. C) was on an upward trend in the 1970s and 1980s, but has more recently been on a downward trend. D) has been on an upward trend.