Economists generally agree that increases in the minimum wage increase employment
Indicate whether the statement is true or false
FALSE
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Suppose regulators impose a price ceiling on a monopoly. If the price ceiling is set too high
a. deadweight loss will be eliminated. b. deadweight loss will be reduced. c. deadweight loss will be increased. d. deadweight loss will not be affected.
If a potato farmer increases output and finds that total revenue increased less than total cost, then you know for sure that
a. profit had been maximized b. the farmer should not have increased output c. the farmer should produce even more output d. the farmer suffers a loss e. the farmer should have decreased output, not increased it
Suppose the government raises taxes. Which curves in the aggregate demand and aggregate supply model would be affected, and which way would they shift?
The Laffer curve supports a basic contention of the ___________ school.
Fill in the blank(s) with the appropriate word(s).