In many communities across the country it is very difficult for firms to hire sufficient numbers of entry level workers. If firms do not wish to raise money wages, what else might they do to attract workers?
Firms could enhance the amenities associated with offered positions. For example, they could provide tuition incentives, vacation time, personal time, and health or dental benefits.
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A manufacturer of industrial paper shredders can make its machines safer by adding a laser-sensored kill switch to its products. Adding the kill switch costs $17 per machine
The manufacturer estimates that this will prevent 50 injuries for every 30,000 paper shredders sold and that, on average, each injury causes $5,500 of harm. What is the injury cost per paper shredder? Explain whether the manufacturer should or should not add the kill switch to the paper shredder.
When the Hometown football team is winning by a lot of points after halftime, they often play their second and third team players. One of the coaches notices that when the third team plays that Oklahoma wins by a bigger margin than when just the first team plays. He recommends that the third team see more playing time as a result. What is wrong with his way of thinking?
a. association is not causation b. it is a violation of ceteris paribus c. the fallacy of composition d. good intentions do not guarantee desirable outcomes
The Mikati Philippines Hard Rock Cafe has the exact same menu as the Hard Rock Cafe in New York. This is an example of a brand name enhancing market efficiency for U.S. tourists visiting the Philippines
a. True b. False Indicate whether the statement is true or false
Consider a perfectly competitive market. What do you expect to happen to the number of firms and firm profitability in the short run and long run if demand for the product falls?
What will be an ideal response?