A minimum wage that is set below the equilibrium wage will:
a. cause increased unemployment.
b. have no effect on employment.
c. cause the overall wage to increase.
d. cause the overall wage to decrease.
e. create more jobs.
b
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When economic agents transfer resources through time, it is referred to as:
A) clockwise transformations. B) time-wise transformations. C) chronological transformations. D) intertemporal transformations.
A perfectly competitive firm shuts down if the price of its product is
A) greater than its minimum average variable cost. B) less than its minimum average variable cost. C) greater than its maximum variable cost. D) less than its minimum total cost.
A single supplier of a good or service for which there is no close substitute is referred to as a(n)
A) strategic competitor. B) monopoly. C) oligopoly. D) monopolistic competitor.
Marginal external costs are
a. additional unpriced costs imposed on society by producing one more unit of a good b. the cost of damaged goods c. the additional cost of imported goods d. the total cost to society of producing a good e. the marginal cost divided by the marginal revenue