You own an ice cream store and are concerned that an employee may be giving generous scoops to friends and relatives and smaller scoops to some other customers. This may be reducing sales. If you want your employee to stop giving larger scoops to friends and relatives, which of the following is not a good approach?
a. Make visits to the store at the same time each day.
b. Pay employees an above equilibrium wage.
c. Give your employees a monthly bonus based on profits.
d. None of the above are good approaches.
a
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Which of the following is not necessarily a consequence of occupational licensing laws?
A) They ensure that licensed professionals meet some minimum qualifications. B) They result in a higher quality of service. C) They restrict competition. D) Consumers pay higher prices for the services of licensed professions.
Suppose a firm has unavoidable fixed costs of $500,000 per year, and it decides to shut down. What is the firm's producer surplus?
A) PS is positive in this case, but we cannot determine the value based on the given information B) PS is negative in this case, but we cannot determine the value based on the given information C) PS = -$500,000 D) PS = 0