Most of the time, a profit motive eliminates discriminatory behavior from a market; however, a discriminatory wage gap can persist even if the firm owners only care about profit if there is
customer discrimination.
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Suppose that workers decrease their taste for leisure, and thus require less time away from work. What is likely to happen to wages and the quantity of labor hired?
A) wages increase, quantity of labor hired decreases B) wages increase, quantity of labor hired increases C) wages decrease, quantity of labor hired decreases D) wages decrease, quantity of labor hired increases
Moving up the Phillips curve in the short run will cause the entire curve to shift upward in the long run
a. True b. False
If the price of milk shakes was $3.00 each, your consumer surplus would be
Demand and Utility Table for Milk Shakes
A. $10.50.
B. $6.00.
C. $3.50.
D. $1.50.
If a price ceiling of $8 were placed in the market in the graph shown, which area represents deadweight loss?
A. B + D + F + G B. E C. F + G D. B + D