A Temporary Price Differential in Resource Markets Is

question 102

Multiple Choice

A temporary price differential in resource markets is

• A)eliminated by resource movements
• B)caused by a failure of firms to maximize profits
• C)eliminated by resources moving from highly-valued uses to lower-valued uses
• D)caused by Congress increasing the federal minimum wage
• E)a result of firms using the MRP = MRC rule in hiring resources

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Definitions:

Stagnant

Showing no activity; dull and inactive, often used to describe water or air that lacks movement and growth.

Well-being

The state of being comfortable, healthy, or happy, encompassing both physical health and emotional satisfaction.

Self-esteem

An individual's subjective evaluation of their own worth or personal value.

Nations

Large groups of people, often inhabiting a specific territory, united by common descent, history, culture, or language, forming a political entity or state.