The utilitarian justification for redistributing income is based on the assumption of diminishing marginal utility

The difference in wage rates needed to make two jobs equally attractive to workers is known as a(n)

a. equilibrium wage rate b. competitive wage c. equalizing wage d. compensating wage differential e. efficient wage

Consumers buy less of a good as its price increases because

a. production costs have risen. b. substitute goods are now relatively cheaper. c. the income of consumers has effectively risen. d. the higher price will make the good more valuable to each consumer.