Workers Whose Wages Tend to Adjust Slowly Include All of the Following

question 13

Multiple Choice

Workers whose wages tend to adjust slowly include all of the following EXCEPT

• A) union workers.
• B) unskilled, low wage workers.
• C) those with long-term contracts.
• D) movie stars, professional athletes, and rock stars.

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Definitions:

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the actual price they do pay.

Marginal Utility

The additional satisfaction or utility gained from consuming one more unit of a good or service.

Total Utility

The total satisfaction received from consuming a certain amount of goods or services.

Marginal Utility

The change in satisfaction or benefit derived by consuming an additional unit of a good or service.