Managerial Economics: A Problem Solving Approach
5th Edition
ISBN: 9781337106665
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
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Question
Chapter 1, Problem 7MC
To determine
The impact of welfare of low income family in reducing propensity work.
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Other things constant, which of the following job characteristics would be most likely to result in a higher pay rate for the job? a.The job involves working in pleasant surroundings. b.The job is widely viewed as prestigious. c.The job requires substantial amounts of stressful out-of-town travel. d.The employer provides low cost child-care services on the premises.
The demand for labor isa. derived demand.b. featherbedding demand.c. marginal utility demand.d. All of the answers above are correct.
A firm can be said to pay workers an efficiency wage when:
A. the wage is above what workers can attain elsewhere.
B. the wage has been raised above the market level to the point where further increases are unprofitable.
C. There is no surplus associated with the employment relationship.
D. The surplus from the employment relationship is divided in a way that favors the workers.
Chapter 1 Solutions
Managerial Economics: A Problem Solving Approach
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