For a positive economic model to be useful,it must

a.explain how people actually behave.

b.explain how people should behave on average.

c.apply to everyone.

d.tend to predict how people behave on average.

Which of the following is a statement associated with positive economic reasoning?

a.Workers are entitled to a just wage.

b.Employers should be required to pay for health insurance for their employees.

c.An increase in the payroll tax paid by firms will reduce wages and employment opportunities.

d.Professional athletes are overpaid.

The marginal product of labor is equal to the

a.incremental profit associated with a one unit increase in labor

.b.incremental cost associated with a one unit increase in labor.

c.increase in labor necessary to generate a one unit increase in output.

d.increase in output obtained from a one unit increase in labor

Unions are often able to sustain wages above the equilibrium wage because they can threaten to?

The marginal product of labor is defined as the change in

a.output per additional unit of revenue

.b.revenue per additional unit of output.

c.revenue per additional unit of labor.

d.output per additional unit of labor.

Why do college graduates earn more in wages than workers with only a high school diploma?