Questions from Microeconomics

Q: The great baseball player Ty Cobb had a reputation for being very

The great baseball player Ty Cobb had a reputation for being very thrifty. Near the end of his life, he was interviewed by a reporter who was surprised to find that Cobb used candles, rather than elec...

Q: What is a public franchise? Are all public franchises natural monopolies

What is a public franchise? Are all public franchises natural monopolies?

Q: State whether each of the following events will result in a movement

State whether each of the following events will result in a movement along the market demand curve for labor in electronics factories in China or whether it will cause the market demand curve for labo...

Q: What is the law of demand? Use the substitution effect and

What is the law of demand? Use the substitution effect and the income effect to explain why an increase in the price of a product causes a decrease in the quantity demanded.

Q: Baseball writer Rany Jazayerli assessed then Kansas City Royals outfielder Jose Guillen

Baseball writer Rany Jazayerli assessed then Kansas City Royals outfielder Jose Guillen as follows: “Guillen has negative value the way his contract stands.” How could a baseball player’s contract cau...

Q: What are the key factors that determine the profitability of a firm

What are the key factors that determine the profitability of a firm in a monopolistically competitive market?

Q: What is personnel economics?

What is personnel economics?

Q: What are the two ways that the productivity of a firm’s employees

What are the two ways that the productivity of a firm’s employees may increase when a firm moves from straight-time pay to commission or piece-rate pay?

Q: If piece-rate or commission systems of compensating workers have important

If piece-rate or commission systems of compensating workers have important advantages for firms, why don’t more firms use them?

Q: According to a study, the number of jobs in which firms

According to a study, the number of jobs in which firms used bonuses, commissions, or piece rates to tie workers’ pay to their performance increased from an estimated 30 percent of all jobs in the 197...