When Henry Ford doubled his worker's wages in 1914, he was implicitly recognizing
A. the wage-price flexibility concept.
B. say's Law.
C. the paradox of thrift.
D. the real balance effect.
B. say's Law.
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The change in cost that results from a one-unit increase in output is called the
A) average fixed cost. B) per-unit variable cost. C) per-unit total cost. D) marginal cost. E) average cost change.
According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year? A) China's population = 1.3 billion; India's population = 1.1 billion B) China's population = 8.3 billion; India's population = 1.1 billion C) China's population = 3.5 billion; India's population = 1.1 billion D) China's population = 500 million; India's population = 125 million
Using outlet stores to price discriminate has been successful for many companies, with sales increasing faster than at conventional retail stores
Indicate whether the statement is true or false
The price elasticity of demand is calculated as:
A) the change in price divided by the change in quantity demanded. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the percentage change in quantity demanded divided by the percentage change in price.