Which of the following cannot be used to justify efficiency wages
a. Sticky price (menu cost) models
b. turnover costs
c. worker shirking
d. worker morale
A
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Compared to perfect competition, the consumer surplus in a monopoly
A) is lower because price is higher and output is lower. B) is unchanged because price and output are the same. C) is eliminated. D) is higher because price is higher and output is the same.
Which of the following statements is TRUE about the market and individual firm's supply curve for labor?
A) The market supply curve is perfectly elastic and the individual firm's supply curve is perfectly inelastic. B) The market supply curve is perfectly inelastic and the individual firm's supply curve is perfectly elastic. C) The market supply curve is more elastic than the firm's supply curve. D) The market supply curve is more inelastic than the firm's supply curve.
The amount of money borrowed in a transaction is called:
A. interest. B. principal. C. internal rate of return. D. present discounted value.
If you and your friends receive many good job offers upon graduation, but the paychecks you all receive, although attractive, seem to buy fewer and fewer goods each month, you're probably living in the business cycle phase of
a. recession b. downturn c. boom or prosperity d. recovery e. trough