Philip is an average contractor in town, and he earns $40,000 a year. Billy is the best contractor in town, and he earns $480,000 a year. Philip's contracting services
a. are valued more by the market relative to Billy's and that explains why his income is higher than Billy's.
b. are valued less by the market relative to Billy's and that explains why his income is higher than Billy's.
c. are valued less by the market relative to Billy's and that explains why his income is lower than Billy's.
d. are more expensive because he receives a compensating differential.
c
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If consumers spend more money on coffee than on sugar, then the demand for a pound of coffee is probably ________ than is the demand for a pound sugar of because ________.
A. more price elastic; people will take a longer time to adjust to the change in its price B. more price elastic; coffee requires a larger portion of consumers' incomes. C. less price elastic; people will take a longer time to adjust to the change in its price. D. less price elastic; coffee requires a larger portion of consumers' incomes.
Individuals who are not working and are not actively looking for work are counted as unemployed if they have looked for work in the past.
Answer the following statement true (T) or false (F)