In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours
B) 3,000 hours; 4,000 hours
C) 3,000 hours; 2,000 hours
D) 4,000 hours; 3,000 hours
C
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The figure above shows a monopoly firm's demand curve. At point t
A) demand is elastic. B) demand is unit elastic. C) demand is inelastic. D) total revenue is at a minimum.
If the graph shown is displaying a competitive market and the market is currently offering a wage more than P*:
A. there would be a shortage of workers who want to work at that wage. B. firms would have a hard time finding employees. C. there would be unemployment in the market. D. other firms would increase demand and shift the equilibrium.
Other things equal, if there is an increase in nominal GDP:
A. the demand for money will decrease. B. the interest rate will rise. C. bond prices will rise. D. consumption spending will fall.
Natural monopolies in the United States are generally regulated by
A) the Federal Trade Commission. B) the Department of Justice. C) local or state regulatory commissions. D) the Department of Commerce.