Product-specific services are most likely to be valuable for which of the following goods?
A) a professional camera
B) a calendar
C) a picture frame
D) photo printing paper
A) a professional camera
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The union representing the bread makers at the Hostess Bread Company went on strike and demanded higher wages than what the firm wanted to pay
I. If the firm is in a competitive labor market the union can only raise wages by decreasing employment. II. If the firm is a monopsony in the labor market the union can only raise wages by decreasing employment. III. If the firm is a monopsony in the labor market the union can both raise wages and increase employment. A) I only B) II only C) I and II D) I and III
Any two of these events in questions 1 and 2 occur together? (Draw the diagrams!)
What will be an ideal response?
Tony spends $36 per month on cookies. For him, chocolate chip cookies and peanut butter cookies are perfect substitutes. Chocolate chip cookies are $4 per dozen and peanut butter cookies are $3 per dozen
How many dozen of each type of cookie will Tony buy in a given month if he wants to maximize his utility?
If minimum wage legislation does not cause unemployment, then:
A. those who work for minimum wage will benefit. B. firms will generally gain by earning higher profits. C. minimum wages may still be binding for many employees. D. most likely the government won’t study how minimum wage legislation may affect employment.