Proponents of comparable worth justifies it on the ground that:
a. interfering with the functioning of the labor market will lead to shortages of labor.
b. interfering with the functioning of the labor market will lead to excess supplies of labor.
c. as a result of personal prejudices the market is unable to assess marginal products.
d. market correctly processes the innumerable information which is available.
e. interaction of demand and supply correctly determines the wage rate.
c
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Purchasing power parity is widely accepted as a better explainer of short-run changes in exchange rates than interest rate effects
a. True b. False Indicate whether the statement is true or false
A market in which there is only a single seller and a single buyer is a:
A. perfectly competitive market. B. monopoly. C. monopsony. D. bilateral monopoly.
To determine whether two goods are substitutes or complements, an economist would estimate the:
A. price elasticity of demand. B. income elasticity of demand. C. cross elasticity of demand. D. price elasticity of supply.
A monopolist has market power because it
A. Is regulated by the government. B. Can raise price as much as it wishes and not lose any customers. C. Faces a downward-sloping demand curve for its own output. D. Is a price taker.