In the long run, those who are hurt by the minimum wage are
a. employers in non-minimum wage industries
b. employers who have to pay more
c. consumers who have to pay more for goods
d. all of these
C
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Suppose the equilibrium price of a gallon of gasoline drops from $3.00 to $2.85 and the equilibrium quantity increases from 365 millions of gallons per week to 372 millions of gallons per week. These changes can be the result of
A) an increase in supply. B) an increase in demand. C) a decrease in supply. D) a decrease in demand.
Positive and negative externalities can lead to market failure
Indicate whether the statement is true or false
In the presence of a negative externality
a. the market marginal benefit curve lies above the market supply curve b. a market will produce less than the efficient quantity c. the market price will be too high for an efficient solution to exist d. the marginal social cost curve lies above the market supply curve e. Pareto optimality is automatically guaranteed
An increase in the income of country A relative to the income of country B will usually lead to an increase in country:
A. A's exports to country B B. B's imports from country A C. A's demand for the currency of country B D. B's demand for the currency of country A