If the minimum wage is set
A) above the equilibrium wage rate, it will create unemployment.
B) equal to the equilibrium wage rate, it will create a shortage of labor.
C) below the equilibrium wage rate, it will create unemployment.
D) equal to the equilibrium wage rate, it will create a surplus of labor.
E) below the equilibrium wage rate, it will create a shortage of labor.
A
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Based on the graphic for perfect competition versus monopoly, the producer surplus for perfect competition is ______ the welfare for perfect competition.
a. greater than
b. less than
c. equal to
d. the opposite of
Which of the following statements is not correct?
a. Novels are likely to be produced in a monopolistically competitive industry.
b. Cable television is likely to be produced in a monopoly industry.
c. Milk is likely to be produced in a monopolistically competitive industry.
d. Cigarettes are likely to be produced in an oligopoly industry.
Average product of labor is equal to ________
A) total product multiplied by the quantity of labor employed. B) the total product produced C) the quantity of labor employed divided by total product D) total product divided by the quantity of labor employed
The demand curve facing a dominant firm in the price leadership model is derived by subtracting the
A. amount supplied by the smaller firms from market demand. B. dominant firm's marginal cost curve from the industry's supply curve. C. amount demanded by customers from the smaller firms from market supply. D. amount supplied by the smaller firms from market supply.