Why would a firm knowingly hire lazy employees?
A) Lazy employees have positive marginal revenue product.
B) Lazy employees have successfully sued firms in the past.
C) The Americans with Disabilities Act mandates that laziness be considered a disability.
D) Lazy employees make hard-working employees look good.
A
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Which of the following is likely to have the highest price elasticity of demand?
A. running shoes B. shoes C. Nike running shoes D. The price elasticity of demand will be the same for all of the answers listed.
What ratio defines the standard of living?
A) (Y/N) B) (Y/K) C) (Y/A) D) (Y/Q)
If the rate of job finding equals 7%, and the rate of job separation equals 1%, then the natural rate of unemployment is
A) 7%. B) 8.75%. C) 12.5%. D) 14.3%.
Using a graph, explain why the law of supply holds for a competitive firm.
What will be an ideal response?