In a winner-take-all labor market,
a. anyone who is hired at any wage is a winner
b. any firm that can hire a worker is a winner
c. a few key people critical to the overall success of the enterprise are rewarded with substantial pay
d. the person most critical to the overall success of an enterprise is rewarded with substantial pay, and everyone else is paid the median wage
e. only one worker is paid
C
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Suppose that the competitive market for rice in Japan was suddenly monopolized. The effect of such a change would be:
A) to decrease the price of rice to the Japanese people. B) to decrease the consumer surplus of Japanese rice consumers. C) to decrease the producer surplus of Japanese rice producers. D) a welfare gain for the Japanese people. E) increase the consumption of rice by the Japanese people.
List the various reasons that contributed to the financial crisis that occurred in 2008