The theory of efficiency wages provides a possible explanation as to why
a. workers form unions.
b. firms should try to reduce surpluses of labor.
c. firms may be inclined to keep their workers' wages above the equilibrium level.
d. firms may be inclined to keep their workers' wages below the equilibrium level.
c
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Refer to Figure 3-4. At a price of $10, how many units will be sold?
A) 200 B) 400 C) 600 D) 800
The demand curve for the product of a monopolistic competitor
A) is the same as the market demand curve. B) is horizontal. C) is vertical. D) slopes downward.
If the bidders at an oral auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7
If population is expanding at the same rate as a country's real output: a. real per capita output would increase
b. real per capita output would remain unchanged. c. the production possibilities curve for the country as a whole will be shifting outward. d. both (b) and (c) would be true.