Comparing the median income of all white males to the median income of all black males in order to determine the impact of job-market discrimination on earnings tends to
a. overestimate the impact because it does not account for differences in education and job experience
b. underestimate the impact because it does not account for differences in education and job experience
c. overestimate the impact because it accounts for differences in education and job experience
d. underestimate the impact because its accounts for differences in education and job experience
e. correctly estimate the impact
A
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Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit could be made. e. refuse to operate in the short run if an economic loss was present.
Which factor receives the profit from production?
A. Land B. Labor C. Capital D. Entrepreneurship