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The marginal productivity theory states that if a firm operates in a perfectly competitive factor market, it pays each factor of production its marginal revenue product. However, this theory may fail to hold if factor markets are not competitive.
One circumstance under which factor markets may fail to be competitive is if there is imperfect information. Which of the following are ways in which government can help to solve information problems in factor markets? Check all that apply.
Passing laws requiring firms to obtain information about every potential worker who applies for a job, regardless of their race, gender, etc.
Passing a law prohibiting firms from firing workers unless they do something illegal
Certifying workers and other inputs as being of high quality—for example, by testing gasoline pumps to ensure they distribute the amount of gas they say they do, or by administering standardized tests in high schools so that a high school diploma acts as a signal that a worker has mastered certain basic skills
American smoke 470 billion cigarettes and the average price per pack was $2. If the price elasticity of demand is -0.4 and price elasticity of supply is 0.5, compute the demand and supply linear equation.
Suppose that your utility function is U = ln(3I), where I is the amount of income you make in a given year. Suppose that you typically make $30,000 per year, but there is a 5 percent chance that, in the next year, you will get sick and lose $20,000 i..
Mel runs a business that sells earrings over the internet. Every year, she buys one computer for $1000, which is used exclusively for this business, and which has no resale value at the end of the year. A set of earrings costs her $6, including the c..
You invest $70,000 in a savings account which offers you an interest of 8%. After 10 years you decide to withdraw equal amounts for the next 15 years on a monthly basis. What would the value of the withdrawals be equal to?
Based on recent research, which of the following is the most likely cause of the reduction in the rate of technological progress?
Define and explain the money multiplier. Identify the change to the money supply in the following situation: The required reserve ratio is 12.5 percent and the Fed increases the monetary base by $100.
Describe what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run?
Which of the following is an example of Stackelberg competition? GlaxoSmithKline and Pfizer compete in the HIV drug market by annually announcing their production quotas during the second week of January. Natura Pet Products introduced the first grai..
In the same election game played in class, instead of having voters distributed uniformly across 10 regions, suppose that position 1 has a different number of voters than other positions. Specifically assume that positions 2 through 10 each has 10 vo..
During the second semester of 2009 and the first semester of 2010 the GDP growth rate became positive. However, percentage changes in the GDP growth rate were not matched by half percentage point decreases in the unemployment rate during that period...
Briefly explain which component of aggregate expenditure will be affected by each of the following transactions. also , indicate whether it will increase or decrease. Suppose the United States experiences a long period of relatively stable prices whi..
The CPI for 1960 was 29.6 and the CPI for 2015 was 237. What was the average annual rate of inflation for consumer goods between 1960 and 2015? A loaf of bread sold for about 20 cents in 1960. What did a loaf of bread cost then in terms of 2015 dolla..
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