In country X, the average yearly salary of 50-year-olds with 16 years of education is $50,275, while the average yearly salary of 50-year-olds with 12 years of education is $36,265
According to this data, four additional years of education are likely to be correlated with higher future wages of about: A) 24 percent.
B) 38 percent.
C) 50 percent.
D) 88 percent.
B
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When economies of scale exist so that one firm can meet the entire market demand at a lower average total cost than two or more firms,
A) a natural monopoly develops. B) the monopoly encounters competition. C) economic profit is reduced to zero. D) the monopoly converts all of the consumer surplus into economic profit. E) there is always the opportunity to price discriminate.
A large increase in the legal minimum wage is most likely to benefit
A) teenagers. B) unemployed workers. C) unionized workers. D) unskilled workers. E) none of the above because price-fixing hurts everyone.