A Temporary Price Differential in Resource Markets Is _____

question 113

Multiple Choice

A temporary price differential in resource markets is _____

• A)caused by inherent differences in nonmonetary aspects of a job.
• B)caused by a failure of firms to maximize profits.
• C)eliminated by resources moving from lower-valued to higher-valued uses.
• D)caused by governments increasing the minimum wages of workers.
• E)eliminated when resources earn an excess of their opportunity costs.

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Definitions:

Safety and Security

Refers to measures, practices, and policies aimed at ensuring the protection of individuals, organizations, or nations from harm or danger.

Cognitive Dissonance

is the mental discomfort (psychological stress) experienced by a person who simultaneously holds two or more contradictory beliefs, ideas, or values.

Opinion Leader

An individual whose beliefs or attitudes are respected and can influence the opinions and behaviors of a wider audience.

Dissociative Reference Group

A group to which an individual does not want to belong or be associated with, often influencing consumer behavior by avoiding products or brands favored by the group.