In the above figure, if the real wage is $20 per hour, a labor
A) shortage will occur and the real wage will rise.
B) shortage will occur and the real wage will fall.
C) surplus will occur and the real wage will rise.
D) surplus will occur and the real wage will fall.
D
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The immediate, direct effect of someone's cashing a check at a commercial bank is
A) a decrease in the stock of money (M1). B) an increase in the stock of money (M1). C) no change in the stock of money. D) unknown until the check casher spends the currency withdrawn from the bank.
The income elasticity for cars is high. This is best illustrated by which of the following?
(a) College students buy a high percentage of the lower priced, dependable foreign cars. (b) The purchase of all hybrid cars increases in response to the call to reduce the auto's footprint. (c) U.S. cars built by foreign automakers sold at relatively lower prices than their equal American counterparts. (d) All of the above.
If a small country imposes a tariff on an imported good, domestic sellers will gain producer surplus, the government will gain tariff revenue, and domestic consumers will gain consumer surplus
a. True b. False Indicate whether the statement is true or false
The budget deficit
A. fell every year in the 1990s. B. fell steadily from 1993 through 1997. C. fell steadily every year since 2001. D. increased steadily every year from 2001 to the present.