________ is the single biggest factor affecting income distribution in the United States
A) Location of household
B) Type of household
C) Education
D) Age of household
C
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The marginal product of labor is defined to be
a. the additional output attributable to the last unit of labor employed. b. the amount of output obtained, on average, from each unit of labor employed. c. the percentage increase in output caused by a 1% rise in labor usage. d. the amount of capital that the firm can use to replace one unit of labor.
The fair rules approach to fairness requires
A) that consumer surplus equal producer surplus. B) income transfers from rich to poor. C) property rights and voluntary exchange. D) that marginal cost equal marginal benefit. E) that consumer surplus exceed producer surplus because there are more consumers than producers.
Why do firms in perfectly competitive markets have no control over the price of their products?
What will be an ideal response?
"Free riding" is a characteristic of which type of good?
A) a private good B) a good that is both rival and excludable C) a public good D) a common resource