Lee earns more than does Pat. Which of the following can explain why?
A) Pat is discriminated against.
B) Lee has more human capital.
C) Lee has a greater degree of specialization in earning an income.
D) All of the above could be a factor leading to the wage difference.
D
Economics
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If the price of a product increases:
A. Consumer surplus will decrease B. Consumer surplus will increase C. Total revenue will definitely increase D. Total revenue will definitely decrease
Economics
Which of the following statements is true?
A. Corner solutions always satisfy the tangency condition. B. Interior solutions may or may not satisfy the tangency condition. C. Interior solutions always satisfy the tangency condition. D. Whenever the consumer purchases good X but not good Y, then MRSXY ? PX/PY at the chosen bundle.
Economics