The lowest of the federal or state minimum wage levels prevails in each state
a. True
b. False
Indicate whether the statement is true or false
False
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A decrease in demand will have what effect on equilibrium price and quantity?
A. Price will increase; quantity will decrease. B. Price will decrease; quantity will increase. C. Both price and quantity will increase. D. Both price and quantity will decrease.
Comment on the following statement: "In order for a natural monopoly to be present, economies of scale must be realized at a scale that is close to total demand in the market."
What will be an ideal response?
Interest is the payment for the use of
A. borrowed funds. B. natural resources. C. labor. D. any factor of production.
Price discrimination can be profitable if consumers can resell the product.
Answer the following statement true (T) or false (F)