A waiter in an all-night restaurant at a dangerous location is likely to receive
ID: 1224984 • Letter: A
Question
A waiter in an all-night restaurant at a dangerous location is likely to receive: A. a competitive market wage. B. a wage that equals returns to general training. C. a wage that equals returns to specific human capital. D. a wage with a compensating wage differential.
We say that a firm is vertically integrated if: A. it develops differentiated products that command price premiums. B. it makes some of its own inputs. C. it centralizes all its output decisions but decentralizes its pricing decisions. D. it decentralizes all its input purchases but centralizes its decisions on output.
Explanation / Answer
D. a wage with a compensating wage differential.
A waiter in an all-night restaurant at a dangerous location is likely to receive a high wage rate that is a wage with a compensating wage differential.
D. it decentralizes all its input purchases but centralizes its decisions on output.
When the form supplies its inputs for the need to produce outputs which they are going to sell then the firms is an vertically integrated.
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