Sam's manufacturing plant recently decided to pay its workers 14% more than the current market wage for equivalent skills. Such a management decision can be due to
a. noncompetitive labor markets
b. labor surpluses
c. the need for better skills
d. efficiency wages
e. community desires
D
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According to the Coase Theorem, so long as property rights are established and transactions costs are low, plaintiffs in court cases involving externalities will not care which way a judge decides.
Answer the following statement true (T) or false (F)
If duopoly firms that are not colluding were able to successfully collude, then
a. price and quantity would rise. b. price and quantity would fall. c. price would rise and quantity would fall. d. price would fall and quantity would rise.
To promote rapid economic growth, the new growth theory would argue for increased scholarships in
A. women’s studies. B. deconstructionist literature. C. post-modern sociology. D. biology.
The production possibilities curve illustrates which two of the following essential principles?
A. Economic growth and market failure. B. Factors of production and price signals. C. Market mechanisms and laissez faire. D. Scarce resources and opportunity cost.