A temporary resource price differential refers to a price difference
a. that will not lead to a shift of resources among users
b. caused by lack of resource mobility
c. caused by economic rent
d. that, for example, causes more workers to move to higher-paid areas
e. caused by minimum wage legislation
D
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Robert is interviewing a candidate for employment in his company and believes that the applicant is highly intelligent. If Robert only pays attention to information that is consistent with his belief, a(n) ________ will occur
A) confirmation bias B) attentional bias C) attenuation bias D) distinction bias
If the demand for a product decreases and the supply of the product does not change, equilibrium price and equilibrium quantity will both increase
Indicate whether the statement is true or false
A drought destroys much of the grape crop. As a result, consumer surplus in the market for wine:
a. decreases. b. increases. c. remains unchanged. d. depends on the deadweight loss.
Refer to the information provided in Figure 7.4 below to answer the question(s) that follow. Figure 7.4Refer to Figure 7.4. The average product with six workers is
A. -8.33. B. -5. C. 5. D. 8.33.