A registered nurse in Tulsa, Oklahoma makes a lower wage than an equally skilled registered nurse in San Francisco. This is an example of a compensating differential.
Answer the following statement true (T) or false (F)
True
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The willingness of consumers to buy a product at different prices is shown on a
A) demand curve. B) production possibilities frontier. C) supply curve. D) marginal cost curve.
The decrease in consumer spending that occurred after the collapse of the housing bubble caused aggregate:
A. demand to increase. B. demand to decrease. C. supply to increase. D. supply to decrease.
Note that at the original AD level, there is an equilibrium at 400, where AD = Y, and there is significant unemployment.
What will be an ideal response?
What does unitary demand mean?
a) The elasticity of demand is mathematically determined b) The elasticity of demand is different at each unit on the price range c) The demand is inelastic at a low price but becomes elastic as the price rises d) The percentage change in the quantity demanded is exactly equal to the percentage change in price