One motive for "battling the invisible hand" is
a. unhappiness about the prices that occur in free markets.
b. envy toward those who apparently benefit from certain prices.
c. a desire to have government "correct" some problems.
d. an attempt to produce justice between buyers and sellers.
e. All of the above are correct.
e
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Relative to a perfectly competitive market with the same cost and demand, a single-price monopolist produces ________ output and has a ________ price
A) more; higher B) less; lower C) more; lower D) less; higher
According to the efficiency wage model, firms will pay the real wage that
A) maximizes workers' marginal productivity. B) maximizes the marginal productivity of capital and the marginal productivity of labor together. C) maximizes effort per dollar of real wage. D) minimizes hiring and training costs to the firm.
In which of the following situations are wages the least likely to be sticky?
A) Unionized workers are in the second year of a three-year labor contract. B) A firm that pays efficiency wages to its employees is experiencing an economic recession. C) A firm has an implicit contract with its employees regarding wages during recessions and expansions. D) A firm hires hourly workers based on changes in the supply and demand for its products.
In a closed economy, there should be a close positive relationship between
a. budget deficits and interest rates. b. trade deficits and budget deficits. c. savings and investment. d. investment and consumption. e. Both a and c.