Discrimination based on gender, ethnicity, or national origin prevents firms from hiring workers whose marginal revenue product is above the market wage
a. True
b. False
Indicate whether the statement is true or false
True
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In perfect competition, when market demand decreases, explain how the price of the good and the output and profit of each firm changes in the short run
What will be an ideal response?
Would companies and individuals invest as much in significant research and development if a system of patents were not available? a. Yes they would, because they could still hope to monopolize the market
b. Yes they would, because firms are civic-minded and highly motivated to introduce innovations that improve the standard of living. c. No they would not, because if they made a significant investment in the development, they would be unable to protect the innovations or discoveries long enough to be sufficiently compensated for their efforts. d. No they would not, because the benefits to society of engaging in research and development would be less than the costs to society.
The price elasticity of demand for business air travel is -.80 and the price elasticity of demand for leisure air travel is -1.60. Therefore, the demand for leisure air travel
A. is unrelated to consumers' incomes. B. is more elastic than the demand for business travel. C. is less elastic than the demand for business travel. D. is inelastic.
Grocery shoppers who willingly pay high prices at one supermarket to avoid long lines at the check-out counter of another supermarket with lower prices demonstrate, through their actions,
A) they are not rational shoppers. B) they don't care about money. C) they would pay any amount of money to save a little time. D) all of the above. E) none of the above.