Which of the following statements is not correct?
a. Male workers with good looks tend to earn more than male workers with average looks
b. If discriminating wage differentials persist in competitive markets, it is primarily because employers chose to discriminate even in spite of customer preferences.
c. A higher level of human capital raises a worker's wages.
d. In competitive markets, workers are paid a wage equal to the value of their marginal product.
b
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Using Scenario 1 calculate the total cost of pollution when both steel companies are allowed to pollute only one million gallons of thermal water each but the rights to pollute are genuine property rights sanctioned and protected by the government
and therefore tradable.
The marginal physical product of labor is
A) the output of the firm divided by the number of workers. B) the change in total revenues resulting from the addition of one more worker, while increasing one other factor of production. C) the change in output resulting from the addition of one more worker, holding other factors of production constant. D) the change in output resulting from the addition of one more worker, adjusting the level of the capital stock accordingly.
Nonprofit, or not-for-profit, firms
a. maximize revenue instead of profit b. minimize cost rather than maximize profit c. often pursue goals other than profit maximization d. pursue profit as their main goal despite their name e. have no incentive to produce efficiently
Social disapproval carries a higher cost in all of the following cases except when you:
A. care about the opinions of people around you. B. expect to interact with the people around you again in the future. C. know the people around you. D. have very loose interactions with community members.