An efficiency wage is ________ because the result is ________
A) set below the equilibrium real wage; reduced turnover and more work effort
B) set above the equilibrium real wage; reduced turnover and more work effort
C) not often used; not much different from minimum wage use
D) set above the equilibrium real wage; increased turnover and more work effort
E) set above the equilibrium real wage; reduced turnover and less work effort
B
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When a manager makes decision then looks for information to justify the decision, it is called
a. implicit favorite model b. bounded rationality model c. econological model d. none of the above
Which of the following is true about a differentiated-product Bertrand duopoly?
A. Firm 1 and firm 2's reaction functions are downward sloping. B. Firm 1 and firm 2's reaction functions are upward sloping. C. In a differentiated-product Bertrand duopoly neither firm has a reaction function. D. Firm 1's reaction function is downward sloping but firm 2's reaction function is upward sloping.