Author Question: Campbell recently began running his brother's lumber mill. Last month he took in 10,000 in sales ... (Read 86 times)

beccaep · **on:** Jun 30, 2018

Campbell recently began running his brother's lumber mill. Last month he took in 10,000 in sales revenue and paid 6,800 in out-of-pocket costs. He made an economic profit last month if his implicit costs were:
a. 2000.
b. 3200.
c. 4800.
d. 6600.

Question 2

The concept of comparable worth:
a. is that pay ought to be determined by job characteristics rather than by supply and demand.
b. is that pay ought to be determined by supply and demand rather than by job characteristics.
c. has made hiring practices much simpler for employers.
d. asserts that market-determined wages are the only appropriate way in which to allocate pay.
e. is easy to implement once a new worker has been hired.