True or False 1. Households’ expenditure on goods and services are sources of re

Question

True or False

1. Households’ expenditure on goods and services are sources of revenue for the firms.

2. If the government sets a minimum wage which is more than the equilibrium wage, the firms tend to demand more labor.

3. A market is classified as a monopsony will arise when there is only one seller of the product.

4- In 2001, Alex Rodriguez, a baseball player, was given a contract paying about $25 million per year. This contract was significantly higher than that of any other player in baseball. One explanation for “A-Rod” receiving such high compensation is the superstar effect.

5.Statistical discrimination is legal under the disparate impact standard but illegal under the treatment standard.

Explanation / Answer

1) true because ones expenditure is others income

2)false because when wage increases demand decreases.

3)false because monopsony means single buyers

4)false because Alex player dont have its homogenous labor/player

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