Interbank trading is:
a. a monopoly business in the United States.
b. controlled by just 10 banks.
c. a state-mandated business.
d. a highly competitive market, with hundreds of banks offering services.
Ans: b. controlled by just 10 banks.
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Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If hiring another worker would increase output by three units per hour, then to maximize profits the firm should
A) not hire an additional worker. B) not change the number of workers it currently hires. C) hire another worker. D) There is not enough information to answer the question.
A potential implication of OSHA regulation is that
A. the most risk-averse workers begin working the riskiest jobs. B. the hedonic wage function may no longer exists at the safest levels. C. average wages increase. D. the hedonic wage function may no longer exists at the riskiest levels. E. for the same amount of output produced, total production costs will be less.