A minimum wage law is a:
A. price ceiling.
B. price floor.
C. customary norm without legal structure or protection.
D. quantity restriction.
B. price floor.
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In the market for insurance
A) sellers are protected from lawsuits brought by buyers. B) demand is perfectly inelastic because, by law, home owners and automobile drivers must have insurance. C) sellers often have better information than buyers. D) buyers often have more information than sellers.
Which of the following is a fixed cost?
a. electricity b. worker bonuses c. mortgage on the building d. steel to produce refrigerators
Refer to the below table and information. What is the marginal labor cost of the fourth worker?
In the table below, a monopsonist has the marginal-revenue-product schedule for labor given in columns 1 and 2, and the supply schedule for labor is given by columns 1 and 3.
A. $13
B. $15
C. $17
D. $19
Using a broader measure of the unemployment rate where discouraged workers and part-time workers who wished to work full time were counted as unemployed, the BLS estimates the unemployment rate in August 2015 would have ________ compared to the
measured unemployment rate. A) barely changed B) decreased by less than 1 percentage point C) more than doubled D) increased by more than 7 percentage points