Which of the following is an example of a compensating differential?
a. Two workers with different undergraduate majors earn different salaries.
b. Two workers with different years of experience earn different salaries.
c. Two workers whose jobs entail different risks earn different salaries.
d. Two workers with different levels of personal attractiveness earn different salaries.
c
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In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) definitely not maximizing its profit. E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm's profit or loss.
How are the nominal and real demands for money related to changes in the price level?
What will be an ideal response?
What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business
What will be an ideal response?
Which of the following is illegal according to the antitrust laws?
A) the use of coupons B) price discrimination based on cost differences C) vertical mergers D) price fixing