Wage differentials between groups can occur as a result of
a. job market discrimination and premarket discrimination only
b. differences in education, job experience, and geographic location only
c. job market discrimination and differences in education and job experience only
d. premarket discrimination and differences in geographic location only
e. premarket discrimination, job market discrimination, and differences in education, job experience, and geographic location
E
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Lump sum taxes _____
a. are difficult to model theoretically but easy to apply b. have a small excess burden c. have no welfare cost d. require perfectly elastic demand curves
Sizable economic profits can persist over time under monopoly if the monopolist
a. produces that output where average total cost is at a maximum. b. is protected by barriers to entry. c. operates as a price taker rather than a price maker. d. earns revenues that exceed variable costs.