When economic profits in an industry are zero and implicit costs are positive:
a. accounting profits will be greater than zero
b. resources will be attracted to the industry.
c. resources will not tend to either enter or leave the industry, other things equal.
d. both (a) and (c) will be true.
d
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What are the five steps by which economists arrive at a useful economic model?
What will be an ideal response?
Proponents of comparable worth justifies it on the ground that:
a. interfering with the functioning of the labor market will lead to shortages of labor. b. interfering with the functioning of the labor market will lead to excess supplies of labor. c. as a result of personal prejudices the market is unable to assess marginal products. d. market correctly processes the innumerable information which is available. e. interaction of demand and supply correctly determines the wage rate.