An increase in the minimum wage will have a large effect on the number of workers employed in minimum wage occupations if:
A. demand for workers is elastic.
B. demand for workers is inelastic.
C. supply of workers is elastic.
D. supply of workers is inelastic.
Answer: A
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The interest rate that banks charge when they lend each other their excess reserves is called the _____ rate.
Fill in the blank(s) with the appropriate word(s).
When prisoners use cigarettes or some other good as money, cigarettes become
a. commodity money, but do not function as a unit of account. b. commodity money and function as a unit of account. c. fiat money, but do not function as a unit of account. d. fiat money and function as a unit of account.
If a firm that has total revenue of $5 million shuts down, we may conclude that its variable costs are __________.
Fill in the blank(s) with the appropriate word(s).
>By the transitivity property, if A > B and B > C then:
A. A ~ C B. A > C C. B ~ C D. A < C