In the above figure, if the government imposed a minimum wage of $8 per hour in this labor market, the increase in the hourly wage for those who are able to keep their jobs is
A) $2 per hour.
B) $4 per hour.
C) $6 per hour.
D) $8 per hour.
A
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Producers may respond to a unit tax by _____
a. increasing the value of each unit b. increasing the number of units sold c. differentiating their product line d. selling the product in bundles
The U.S. market for locomotives is divided between two producers; General Electric has 70 percent of the market and General Motors has 30 percent. This market is an example of
a. a bilateral monopoly b. monopolistic competition c. a collusive monopoly d. a duopoly e. a cartel
Between the data lag and the legislative lag falls the __________ lag
A) effectiveness B) wait-and-see C) expansionary D) legislative
Figure 4-7
Refer to . The supply curve S1 and the demand curve D indicate initial conditions in the market for gasoline. A $.60-per-gallon excise tax on gasoline is levied. How much revenue does the $.60-per-gallon tax generate for the government?
a.
$40 billion
b.
$48 billion
c.
$50 billion
d.
$60 billion