Workers do not know the safety records at individual firms; they only know industry averages. As a result,
A) each firm tries to outdo each other in making safety improvements.
B) each firm has the incentive to be the safest in its industry.
C) the equilibrium level of safety is less than optimal.
D) the optimal level of safety is achieved.
C
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Cyrus McCormick and Eli Whitney were important in the technology of
A. steel. B. automobiles. C. agriculture. D. oil.
What were the results of the Moving to opportunity program in terms of the following:
a. employment opportunities b. better educational opportunities c. overall health d. child behavior
In the United States, the federal minimum wage in early 2016was:
A. $7.25 per hour. B. $6.50 per hour. C. $8.00 per hour. D. $7.73 per hour.
Suppose that a monopolistically competitive market is at the long-run equilibrium. Based on this information, which of the following conclusions is NOT true?
A. Deadweight loss is zero. B. Firms' profits are zero. C. P = ATC > minimum of ATC. D. P > MC.