What is the difference between "straight-time pay," "commission pay," and "piece-rate pay"?
What will be an ideal response?
Straight-time pay refers to pay based on the amount of time spent working, such as an hourly wage or weekly salary. Commission pay and piece-rate pay are wages based on actual output produced.
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Third-degree price discrimination occurs when a monopoly
a. separates its customers into distinct markets, charging a different price to each group. b. charges different prices for the same good sold to the same customer. c. requires the consumer to pay a separate fee simply for the right to purchase the good. d. charges each customer the maximum that he is willing to pay for each item purchased.
An externality that is not fully paid by the individual using an automobile is
A) insurance for the vehicle. B) gasoline for the vehicle. C) air pollution from the vehicle. D) operation of the vehicle.
The school of thought that assumes that real GDP is determined by aggregate supply, whereas the equilibrium price level is determined by aggregate demand is known as _____
a. neoclassical economics b. classical economics c. new Keynesian economics d. Keynesian economics e. Marxist economics
A payment the government makes to either the buyer or seller, usually on a per-unit basis, when a good or service is purchased or sold is called a
a. black market. b. interest rate. c. subsidy. d. tax.