Employees with less experience tend to earn less than employees with more experience, because
A. the government requires that more-experienced employees be paid more than less-experienced employees.
B. experience is a compensating differential.
C. experience on the job increases an employee's human capital.
D. it is only fair that a more-experienced employee be paid more than a less-experienced employee.
Answer: C
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Assume that a consumer has a given budget or income of $12, and that she can buy only two goods, apples or bananas. The price of an apple is $1.50 and the price of a banana is $0.75. Refer to the information given above. If the consumer spent all of her
budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy? A. 12 apples or 8 bananas B. 8 apples or 12 bananas C. 16 apples or 12 bananas D. 8 apples or 16 bananas
Refer to the diagram below for the milk market. In this market, the equilibrium price is ____ and equilibrium quantity is ___
A. $1.50 per gallon; 28 million gallons
B. $1.50 per gallon; 30 million gallons
C. $28 per gallon; 150 million gallons
D. $1.00 per gallon; 35 million gallons
How would the Great Recession of 2007–2009 be pictured in a typical production possibilities curve?
A successful local entrepreneur opens up the only Chevrolet dealership in a medium sized Texas town. Why does this not necessarily constitute a monopoly position?
What will be an ideal response?