Why is there a difference in the pay received by workers belonging to the same labor market?
Some reasons for the pay differentials between workers include differences in the amount of risk associated with certain jobs, differences in the marginal productivity of workers performing the same job, and differences in the skill and training attained by each worker.
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The cost of producing each bottle of a certain brand of shampoo is $0.25. If the market for shampoo is monopolistically competitive and demand for shampoo is inelastic, a manufacturer who charges $0.35 for each bottle will ________
A) shut down production in the short run B) exit the industry in the long run C) earn an economic profit of $0.10 per bottle D) earn a total revenue of $0.10 per bottle
At the current level of output, the marginal social benefit from a slice of pizza is less than the marginal social cost of producing a slice of pizza
Resources will be used more efficiently if ________ slices of pizza are produced and ________ other goods are produced. A) fewer; fewer B) more; fewer C) more; more D) fewer; more