Labor productivity is defined as:
A. total output per worker.
B. output per hour of work.
C. output divided by the average hourly wage.
D. price of output divided by cost of output.
Answer: B
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Firms engage in odd pricing when they charge prices that appear to be less than they really are; for example, charging a price of $4.95 instead of $5.00 and $.99 instead of $1.00
How have researchers tried to determine whether odd pricing is successful in convincing consumers that odd prices are less than they really are?
When a good is nonexcludable, then individuals
A. will purchase the good for more than what it cost to produce the good. B. can obtain the benefits of the good without paying for it. C. have an incentive to become free riders. D. will purchase more than the optimum amount. E. b and c
The high quality segment of the market may also be the same as the
A) unitary elasticity segment. B) low elasticity segment. C) high elasticity segment. D) economic profit segment.
The value of an item expressed in purchasing power that varies with the overall price level is known as
A. the real value. B. deflation. C. inflation. D. the nominal value.