The people who immediately benefit from a minimum wage are
A) employers who now pay the minimum wage.
B) those people who enter the labor force to search for minimum wage jobs.
C) the workers who retain their jobs after enactment of the minimum wage.
D) everyone, both demanders and suppliers, because the minimum wage benefits everyone.
E) all workers.
C
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The text considers three methods that can be used to obtain empirical estimates of long-run costs in different industries
Of those three, surveys of expert opinion are considered to be most reliable because they are less subject to bias than the other two methods. Indicate whether the statement is true or false
For a particular product, an effective price ceiling results in
A. quantity demanded greater than quantity supplied. B. quantity demanded equal to quantity supplied. C. demand equal to supply. D. quantity supplied greater than quantity demanded.
“To reduce agricultural output by a certain percent, an even larger percent reduction in acres planted is required.” Explain
What will be an ideal response?
Price discrimination exists when a firm sells the same good at __________________ to different groups of customers.
a. more than two prices b. more than three prices c. the same price d. more than one price