High-skilled workers earn more than low-skilled workers in part because
A) high-skilled workers have higher value of marginal products.
B) of government legislation.
C) the supply of high-skilled workers is more elastic.
D) the demand for high-skilled workers is more elastic.
A
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Leisure Land produces only sun screen and camel rides. The table shows the marginal benefit and marginal cost schedules for sun screen and camel rides. The allocatively efficient number of camel rides is ________
A) 1 ride per day because the marginal benefit exceeds the marginal cost by as much as possible B) 2 rides per day C) 4 rides per day D) 6 rides per day because that is the maximum number of rides
Andrew buys yogurt, and he would be willing to pay more than he now pays. Suppose that Andrew has a change in his tastes such that he values yogurt more than before. If the market price is the same as before, then
a. Andrew's consumer surplus would be unaffected. b. Andrew's consumer surplus would increase. c. Andrew's consumer surplus would decrease. d. Andrew would be wise to buy less yogurt than before.