Which of the Following Is Not an Example of a Market

question 72

Multiple Choice

Which of the following is not an example of a market imperfection that might explain persistent wage differentials within an occupation?

• A) Geographic immobility of workers.
• B) Discrimination.
• C) Noncompeting groups.
• D) Poor information about job opportunities and pay.

Evaluate the decision-making process involved in R&D spending by firms.

Understand the concept of marginal utility (MU) in the adoption of new products by consumers.

Interpret data related to R&D expenditures and determine optimal spending levels.

Understand the concept and importance of utility maximization in consumer behavior.

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Definitions:

Input

Refers to the resources, materials, or services that are used in the production of goods and services.

Output

The total amount of goods or services produced by a company, industry, or country.

Technological Advance

Refers to the improvement and innovation in technology, leading to increased productivity, better products, or new methods of production.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding other inputs constant.