The Condorcet paradox implies that the order in which items are voted on under majority rule is unimportant

The efficiency wage model contains the assumption that labor productivity __________ the wage rate, so that a firm maximizing its profits __________ pay workers an above-market wage rate

A) is independent of; may B) is independent of; will never C) depends on; may D) depends on; will never

One reason the Medicare system costs so much is

A. the supply of medical services does not respond to price changes. B. the amount of medical services is determined by the equilibrium of supply and demand. C. supply and demand analysis does not apply. D. beneficiaries are entitled to receive services for which the per-unit cost exceeds their own personal out-of-pocket payment.