Wage differentials between industries can be affected by productivity differences
Indicate whether the statement is true or false
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Which of the following factors will decrease the current demand for a product?
A. an increase in the current price of a substitute product B. a decrease in the current price of a substitute product C. an expected increase in the future price of the product D. a decrease in the current price of a complementary product
From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the
A. marginal cost of waiting is less than the marginal benefit of being served. B. management is making an assumption that other things are equal. C. marginal cost of waiting is greater than the marginal benefit of being served. D. management is exhibiting irrational behavior by not maximizing profits.
About 6% of annual total federal government expenditures goes toward paying interest on the federal debt
Indicate whether the statement is true or false
Which of the following is always true for a single-price monopolist?
A) P > MR B) P < MR C) P = MR D) P = elasticity of demand E) None of the above answers is correct because none of them is always true.