The graph shows the labor market for teenagers in Atlanta. If the government sets a minimum wage of $6 an hour, then the maximum amount that a teenager would be willing to spend on job search is ________ an hour
A) $2
B) $4
C) $5
D) $6
E) $3
B
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As the ________ increases, ________
A) quantity demanded of a good; its price increases B) quantity demanded of a good; its price decreases C) price of a good; its quantity demanded increases D) price of a good; its quantity demanded decreases
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. When 400 pounds of coffee are produced and consumed in Kaffenia each day, that is
A) more efficient than when 300 pounds are produced and consumed because more is always better than less. B) inefficient because the marginal social benefit exceeds the marginal social cost. C) inefficient because the marginal social cost of the 400th pound exceeds its marginal social benefit. D) inefficient because the opportunity cost of producing more coffee exceeds its marginal social benefit.
The demand curve for a foreign currency
a. slopes upward b. slopes downward c. is horizontal d. has a slope of 45 degrees e. is vertical
A fixed cost is one that
a. increases only when output increases b. has already been paid c. does not vary with output d. diminishes over time e. cannot be recovered with profit