Skill-biased technological change increases wage inequality by altering the ________ high-skilled workers relative to low-skilled workers.
A. supply of
B. demand for
C. mobility of
D. reservation price of
Answer: B
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Suppose a perfectly competitive market is in a long-run equilibrium when a permanent decrease in the market demand occurs. In the long run, which of the following definitely occurs?
A) The price decreases. B) The number of firms decreases. C) The firms' marginal cost increases. D) Marginal revenue increases.
An aircraft company has signed a contract to sell a plane for $20 million. The firm buying the plane will pay for it in 5 annual payments (at year end) of $4 million
If the firm's cost of capital is 6%, what is the net present value of this payment?
Goods that are excludable include both
a. club goods and public goods. b. public goods and common resources. c. common resources and private goods. d. private goods and club goods.
If the market elasticity of demand for potatoes is -0.3 in a perfectly competitive market, then the individual farmer's elasticity of demand
a. will also be -0.3. b. depends on how large a crop the farmer produces. c. will range between -0.3 and -1.0. d. will be infinite.