"Walmart is a low wage firm and this indicates that it exploits its workers" which of the following should cause one to question the validity of this statement?
What will be an ideal response?
No one is required to work for Walmart and therefore, it must attract workers by paying them more attractive wages than they would earn elsewhere
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In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $30,000; $30,000 B. $24,000; $24,000 C. $30,000; $24,000 D. $24,000; $30,000
If a monopsonist's labor supply curve is positively sloped, the marginal factor cost (MFC) will exceed the wage rate
a. True b. False Indicate whether the statement is true or false
Just prior to the year 2000, the Fed was concerned that people would make larger than normal bank withdrawals out of fear of what was called the "Y2K computer bug." Fearing that this would disrupt the banking system, the Fed wanted to use a defensive action to prevent any such disruption. This would take the form of open market bond:
A. sales that would prevent the federal funds rate from increasing. B. purchases that would prevent the federal funds rate from decreasing. C. purchases that would prevent the federal funds rate from increasing. D. sales that would prevent the federal funds rate from decreasing.
Resources are efficiently allocated when production occurs at that output at which:
A. P equals MR B. P equals AVC C. P exceeds MR D. P equals MC