Part of the decrease in real wages during the Civil War was due to deteriorating productivity because of ___
a. the inability of firms to replace machinery
b. the need to use inexperienced workers
c. the decline in coal production
d. excessive days lost due to strikes
b. the need to use inexperienced workers
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Which of the following is FALSE regarding the long run for a firm in monopolistic competition?
A) The firm makes zero economic profit. B) Price equals average total cost. C) Output is not produced at minimum average total cost. D) None of the above is a false statement.
Suppose that on a typical day, a restaurant owner usually sells 18 club sandwiches. However, after lowering the price of a club sandwich from $6.75 to $5.95, the owner discovered that sales increased to 23 sandwiches per day. Based on this information, the restaurant owner calculated that the demand elasticity for club sandwiches was approximately:
a. -0.05 b. -0.52 c. -1.94 d. -20.2