Which of the following is a reason for the existence of sticky wages?
A) Cutting wages during an economic downturn is illegal.
B) Some wages are set by contract.
C) Increasing wages means reduced profits during economic expansions.
D) By law, if one worker's wages are changed, all workers' wages must be changed.
B
Economics
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Profit is maximized at the output at which marginal revenue exceeds marginal cost by the greatest margin
a. True b. False Indicate whether the statement is true or false
Economics
Which of the following will cause an increase in consumer surplus?
a. an increase in the production cost of the good b. a technological improvement in the production of the good c. a decrease in the number of sellers of the good d. the imposition of a binding price floor in the market
Economics