A wage rate set above the competitive wage in order to increase labor productivi

Question

A wage rate set above the competitive wage in order to increase labor productivity, reduce employee turnover, and reduce pilfering and thereby raise the profits of a firm is
e. An efficiency wage
f. An equilibrium wage
g. An expectation wage
h. An experience wage

46--48. Consider these actual data showing market shares of Breakfast Cereal manufacturers:

Top Cereal Producers
Market share for 1999, 2005, 2008, and 2011.
Figures are rounded to the nearest point.
Manufacturer 1999 2005 2008 2011
Kellogg's 32% 32% 33% 32%
General Mills 31% 26% 25% 28%
Post 16% 15% 15% 13%
Private Labels 8% 14% 14% 15%
Quaker Oats 9% 6% 7% 7%
Malt-O-Meal 3% 5% 5% 6%
All Other 0% 0% 1% 0%

46. What is the Herfindahl-Hirschman index for the industry in 2011? _______
47. Based on the general framework we discussed in class, would the Justice Department and Federal Trade Commission consider this industry: concentrated; not-concentrated?
(Circle your choice)
48. Assuming that it were allowed: If Post acquired Quaker Oats the Herfindahl index for this industry would increase by ___________.

49. As income becomes more unequally distributed, the Lorenz Curve _________ and ___________.
a. Moves further outward to the right; the shaded area increases
b. Moves further up to the left; the shaded area decreases
c. Moves further up to the left above the 45degree line
d. Moves further down to the right; the shaded area decreases
A consumer will achieve maximum total utility when
a. Purchases of Good A give the same satisfaction as purchases of Good B
b. Purchases of the last dollar spent on Good A give the same satisfaction as purchases of the last dollar spent on Good B
c. On average, every dollar spent on Good A yields the same satisfaction as every dollar spent on Good B
d. Total utility of Good A equals Total utility of Good B



. The difference between accounting profit and economic profit relates to
a. The manner in which revenues are defined
b. The market structure for the firm’s industry
c. The degree of elasticity of the firm’s good in the market
d. The manner in which costs are defined



. Which of the following statements about the relationship between economic costs and accounting costs is true?
a. Accounting costs are always less than or equal to economic costs
b. Accounting costs must equal economic costs (by definition)
c. Accounting costs are always greater than economic costs
d. Accounting costs are equal to or greater than economic costs

a. Calculated by summing the squared market shares for all firms in an industry
b. Calculated by summing the squared market shares of the top four firms in an industry.
c. Calculated as the sum of the market shares of all firms in an industry
d. Not used by the government in considering mergers and acquisitions

Explanation / Answer

answers in order g. An expectation wage 47. concentrated 48. about 5% 49. a. Moves further outward to the right; the shaded area increases 50. b. Purchases of the last dollar spent on Good A give the same satisfaction as purchases of the last dollar spent on Good B d. The manner in which costs are defined a. Accounting costs are always less than or equal to economic costs please rate

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.