In a winner-take-all system, the highest incomes go to people with questionable skills, but who are the most competitive in the labor market
Indicate whether the statement is true or false
F
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The price elasticity of demand is a measure of
A) the equilibrium price of a product. B) buyers' responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects the equilibrium price.
Which of the following statements is true about monopolistically competitive firms?
A) Like perfectly competitive firms, monopolistically competitive firms are not able to raise prices without losing all of their customers because they face competition from firms selling similar products. B) Unlike perfectly competitive firms, monopolistically competitive face perfectly inelastic demand curves. C) Like perfectly competitive firms, monopolistically competitive firms maximize their profits by setting price equal to marginal cost. D) Unlike perfectly competitive firms, monopolistically competitive firms are able to raise their prices without losing all of their customers.