Wage differences can be explained by all of the following except
A) economic discrimination. B) differences in marginal revenue products.
C) compensating differentials. D) comparable worth.
D
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Why is a small country more likely to gain from international trade than a large country?
a. Because autarkic relative prices in a small country are likely to be quite different from the world relative prices. b. Because a small country, unlike a large country, does not have the resources it needs to be self-sufficient. c. Because small countries tend to be specialized in their production, while large countries tend to be diversified. d. Because a small country is less likely to encounter decreasing returns to scale than is a large country.
The Sherman Act
a. prohibited restraint of trade b. created the Federal Trade Commission c. prohibited fraudulent advertising d. regulated the railroads e. exempted insurance companies from antitrust law
Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table
Under monopsony, marginal factor cost
A) is downward sloping. B) is less than the wage rate, although it increases as more workers are hired. C) equals the wage rate. D) is greater than the going wage rate.