Minimum-wage laws dictate the
a. average price employers must pay for labor.
b. highest price employers may pay for labor.
c. lowest price employers may pay for labor.
d. the highest and lowest prices employers may pay for labor.
c
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If the amount paid as unemployment benefits decreases, the opportunity cost of job search
A) falls and people stay unemployed for a shorter time. B) rises and people would stay unemployed longer. C) rises and people stay unemployed for a shorter time. D) falls and people stay unemployed for a longer time. E) is not affected because unemployment benefits do not change job availability.
Which of the following is not a direct determinant of net export spending?
A. Domestic income. B. Foreign income. C. Interest rates. D. Exchange rates.
Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect
A) the quantity of good Y demanded to increase and the demand for good X to increase also. B) an increase in the demand for good X and a decrease in the quantity of good Y demanded. C) an increase in the quantity demanded of good Y and a decrease in the demand for good X. D) an increase in the demand for both good X and good Y.
Because a monopoly will produce less of a good than a competitive market will, welfare is always greater under monopoly than under competition in the presence of a negative externality
Indicate whether the statement is true or false