The higher wage rate received by garbage collectors to compensate for the lower desirability of their job
a. would not exist in a competitive labor market
b. is a compensating wage differential
c. is caused by union negotiators
d. disappears in the long run
e. only applies when the garbage collecting market is an oligopoly
B
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The above figure shows the market for french fries at fast food joints. If the price of potatoes rises and simultaneously people become concerned that french fries can cause heart attacks the
A) demand curve for french fries shifts from D2 to D1 and the supply curve of french fries does not shift. B) demand curve for french fries shifts from D2 to D1 and the supply curve of french fries shifts from S2 to S1. C) demand curve for french fries shifts from D2 to D1 and the supply curve of french fries shifts from S1 to S2. D) demand curve for french fries does not shift, and the supply curve of french fries shifts from S1 to S2.
The demand for a monopolistically competitive firm's product is
A. perfectly elastic. B. more elastic than for a monopoly. C. more inelastic than for a monopoly. D. perfectly inelastic.