Which of the following would not give workers some degree of monopoly power?
a) learning by doing
b) labor unions
c) highly specialized human capital
d) high rates of short term unemployment
e) high costs of job turnover and training incurred by employers
d) high rates of short term unemployment
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The host at a party offers Justin a sixth beer. Justin says, “No thanks, man. The marginal utility of that fifth beer was, like, 20 cents, but the marginal utility of the sixth would be minus 10 cents.” From his comments, we deduce that Justin
A. is an alcoholic. B. may think that a sixth beer would make him sick. C. is irrational. D. wrongly estimates the marginal utility of the fifth beer.
________ is defined as any attempt to capture consumer surplus, producer surplus or economic profit
A) Search B) Rent seeking C) Maximizing monopoly profits D) Price discrimination
Luke won tickets to see a rock music concert. Even though Luke is a rhythm and blues fan, he goes to the concert anyway. Twenty minutes later, Luke decides he hates the music and the screaming fans, and he walks out an hour before the concert is scheduled to end. Luke's behavior demonstrates what economic concept?
A. Irrational behavior B. Rational behavior C. The fungibility of money D. None of these explain Luke's behavior.
Suppose that alcohol consumption creates a negative externality. What can the government do to equate the equilibrium quantity of alcohol and the socially optimal quantity of alcohol?
a. impose a tax on alcohol that is equal to the per-unit externality b. offer a subsidy on alcohol that is equal to the per-unit externality c. impose a regulation limiting the amount of alcohol that each consumer can purchase d. nothing