Which of the following is not a property of a competitive equilibrium?
A) markets clear.
B) consumers and firms optimize given market prices.
C) the government budget constraint is satisfied.
D) increasing total factor productivity.
D
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Lionel's Lawn Care is a company that maintains residential yards. Lionel's cost for his standard package of mowing, edging, and trimming is $15, and he charges $25 for this service
For a total price of $40, Lionel will also trim shrubs, a service that adds an additional $10 to the total cost of the standard package. What is Lionel's marginal cost of adding the shrub-trimming service to the standard package? A) $15 B) $40 C) $10 D) $25
Write an essay on the economic relationship of greatest concern for development between education and
(a) the level of growth, (b) the character of growth, (c) inequality, (d) fertility, (e) absolute poverty, (f) international migration.
A price ceiling in a perfectly competitive market
a. leads to the same result as if the market were monopolized b. results in a welfare loss c. is effective only if it is set above the equilibrium price d. may result from collusion among the firms selling in that market e. may result from collusion among the consumers buying in that market
Nancy and Sheila are both loan officers who started working for their current employer during the same year, graduated from the same university with bachelors' degrees in economics, and achieved similar performance reviews. Nancy earned a master's degree last year. If Nancy earns a higher annual salary than Sheila because she has more formal education, the employer is
a. basing pay on experience. b. paying efficiency wages. c. practicing discrimination. d. rewarding increases in human capital.