Suppose the current equilibrium wage rate for landscapers is $6.65 in Little Rock; $7.50 in St. Louis and $9.05 in Raleigh. An increase in the minimum wage to $7.50 per hour results in unemployment of landscapers in
A) Little Rock and St. Louis.
B) only Raleigh.
C) Little Rock, St. Louis, and Raleigh.
D) only Little Rock.
E) St. Louis and Raleigh.
D
You might also like to view...
Implicit costs are
A. always greater in the short run than in the long run. B. composed entirely of variable costs. C. opportunity costs of using owned resources. D. equal to total fixed costs.
The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points C and D equals
A) 8. B) 4. C) 2. D) 1. E) 12.
What is the economic way of thinking, and why is it important?
What will be an ideal response?
The purpose of an effluent fee is to
A) reduce the amount produced of a good and to raise the market price. B) correct for pollution while keeping the price of the good the same as before the correction. C) reward people producing externalities. D) encourage producers to keep the quantity produced the same while lowering the price.