In the table above, the market is in equilibrium. Then a minimum wage is set at $11 per hour. The number of workers who lose their jobs will be
A) 0.
B) 1 million.
C) 3 million.
D) 5 million.
B
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If a household has a single woman and three kids, has a standard deduction of $6,300, has itemized deductions of $5,650, and personal exemptions of $12,000 (3*$4,000), then the first ________ of income is federal income tax free.
A. $28,950 B. $17,650 C. $11,950 D. $18,300
If the quantity of credit demanded in a market exceeds the quantity of credit supplied in the market:
A) the real rate of interest tends to rise. B) the unemployment rate tends to fall. C) the rate of inflation tends to rise. D) the real rate of interest tends to fall.
If the level of investment in an economy is $4,000 and the GDP of the economy is $10,000, the savings rate in the economy must be:
A) 40%. B) 44%. C) 30%. D) 20%.
Producer surplus is the difference between the highest price someone is willing to pay and the price he actually pays
Indicate whether the statement is true or false