Job amenities:
a. have no impact on the supply of labor
b. are not part of the compensation workers receive from employers.
c. help determine the position of the labor supply curve.
d. never affect the monetary wages paid to workers.
c
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In the above figure, if the natural monopoly is regulated and a marginal cost pricing rule is followed, then the consumer surplus will be
A) $192 million. B) $108 million. C) $60 million. D) $48 million.
Adverse selection in employment is more likely when:
A. jobs require specific training. B. everyone is equally qualified for the job. C. people's abilities are easy to measure. D. people's abilities are difficult for potential employers to observe.
Edward Denison found that labor's contribution to output growth in the United States since 1929 was attributable to all the factors below except
A. an increase in the percentage of the population in the labor force. B. an increase in the number of hours worked per person. C. higher educational levels. D. rising population.
When demand is inelastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)