Each of the following, except one, can explain why a given job pays a compensating wage differential. Which is the exception?
a. The job requires costly training.
b. The job is dangerous.
c. The job is in a city with a high cost of living.
d. The job requires a very high level of physical exertion.
e. An increase in product demand raises the demand for labor in this job.
E
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When an average cost pricing rule is imposed on a natural monopoly, ________
A) total surplus is maximized and the monopoly incurs an economic loss B) the monopoly makes zero economic profit C) the monopoly makes an economic profit D) total surplus is maximized and the monopoly makes an economic profit
Which of the following is true of M1? a. It is equal to M2
b. It consists of all near-monies. c. It consists of certificates of deposit. d. It is the broader definition of money. e. It is only a fraction of M2.