Some people believe that employees should be paid the same wages when their jobs, although different, require similar levels of education, training, experience, and responsibility. This principle is known as:
A. the equal-pay-for-equal work doctrine.
B. Lorenz equivalence.
C. marginal productivity theory.
D. comparable worth.
Answer: D
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A) wages B) profits C) interest D) net exports of goods and services E) rent
In the figure above, if the output is 180 tons per month, what is the marginal social cost of producing the pesticide?
A) $60 B) $30 C) $40 D) $50
Perfect competition is efficient because all the following conditions hold except ________
A. total product is maximized B. firms maximize profit and produce on their supply curves C. consumers get a real bargain and pay a price below the value of the good D. firms minimize their average total cost of producing the good
Which of the following is NOT possible according to the law of demand?
A) a horizontal demand curve B) a vertical demand curve C) a downward-sloping supply curve D) an upward-sloping demand curve