The difference between the earnings of construction workers who work on bridges and skyscrapers and those who work on highways is probably due to
a. differences in education requirements.
b. ability (mental) differences.
c. a compensating differential.
d. luck.
c
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Refer to Figure 8.1. If Charla and Mirna agree to pay each other $350 to install the pollution-control device on their heating systems, the dominant strategy for the players would be for Charla to play ________ and for Mirna to play ________
A) Install; Install B) Install; Don't Install C) Don't Install; Install D) Don't Install; Don't Install
When an innovation is created by one firm in a perfectly competitive market,
a. the market price will rise b. less output will be produced by its competitors c. the long-run equilibrium price remains the same but the economic profit of its competitors falls d. some firms leave because the price will fall e. other firms will imitate the innovator