Aniella believes that the demand for unskilled labor is relatively inelastic. Carmella believes that the demand for unskilled labor is relatively elastic. Which is an advocate of minimum-wage laws?
Aniella
You might also like to view...
An effective agreement to divide up the market among firms selling products that are close substitutes
A) allows each firm to earn positive net revenue even though its marginal cost is greater than its marginal revenue. B) allows each firm to earn positive net revenue by preventing cooperation from reducing each firm's marginal revenue below its marginal cost. C) tends to keep each firm's price and marginal revenue above its marginal cost. D) tends to result in both higher prices and larger output.
In the long run, monopolistically competitive firms make zero economic profit because of
A) excess capacity. B) product variety. C) easy entry and exit. D) government regulation.
Employing Figure 3-1 above, autonomous consumption expenditures are ________, and the marginal propensity to consume is ________
A) 200; 0.75 B) 500; 1 C) 200; 0.60 D) 0; 1
An oligopoly is characterized by:
a. a relatively small number of firms b. either differentiated or undifferentiated products c. actions of any individual firm will affect sales of other firms in the industry d. a and b e. a, b, and c