Which of the following sets of circumstances is likely to provide the best evidence in support of the theory of efficiency wages?
a. Workers in the market are unskilled and not represented by a union, and their wage exceeds both the equilibrium wage and the minimum wage.
b. Workers in the market are highly skilled and not represented by a union, and their wage exceeds the minimum wage.
c. Workers in the market are highly skilled and represented by a union, and their wage exceeds the equilibrium wage.
d. Employers in the market are known for reducing the workers' wage whenever they get an opportunity to do so.
a
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Consider the labor market depicted in the above figure. The competitive equilibrium would be for workers to be paid an hourly wage equal to
A) $10. B) $15. C) $20. D) None of the above answers is correct.
During the 100 years before the Revolutionary war, shipping costs were reduced by nearly:
a. 10 percent. b. 25 percent. c. 50 percent. d. 70 percent. e. Shipping costs increased during that period.