It is impossible to raise the minimum wage so high to hurt workers generally.
Answer the following statement true (T) or false (F)
False
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When economists say that the demand for labor is a derived demand, they mean that it is
A. related to the demand for the product or service labor is producing. B. based on the assumption that workers are trying to maximize their money incomes. C. dependent on government expenditures for public goods and services. D. based on the desire of businesses to exploit labor by paying below equilibrium wage rates.
If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150
a. True b. False
Which of the following will cause movement along the reserve demand schedule?
a. a change in the price level b. a change in real GDP c. a change in tax rates d. a change in interest rates
Refer to the figure below.
If this market is unregulated, total economic surplus is:
A. $32. B. $84. C. $48. D. $20.