Which of the Following Does Not Explain Why U

question 119

Multiple Choice

Which of the following does not explain why U.S.wage rates are higher than wage rates in developing countries?

• A)better education and training of workers in the United States
• B)greater availability of capital in the United States
• C)use of the latest technology in the United States
• D)higher productivity in the United States
• E)unstable business conditions in the United States

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms offering similar but not identical products, leading to competition based on product differentiation.

Typical Firm

A typical firm refers to an average or representative entity in an industry characterized by the industry's common practices, production processes, and competitive strategies.

Consumer Surplus

The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

Monopolistically Competitive Price

Refers to the price level set by firms in a monopolistically competitive market, where many firms sell products that are differentiated from one another and not perfect substitutes.