The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, which of the following statements is true?
A) Firms' surplus increases with the minimum wage.
B) Workers who retain their jobs have their wages rise.
C) The market is efficient.
D) The quantity supplied of workers is less that quantity demanded.
E) Unemployment decreases because firms employ their workers more carefully.
B
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As you consume more and more of any good, you experience ________ utility
A) diminishing marginal B) diminishing total C) negative marginal D) increasing marginal
Evidence suggests that as the amount of market power possessed by the firms in an industry increases, the amount of X-inefficiency will decrease
Indicate whether the statement is true or false
Which of the following statements would come from someone classified as unemployed?
a. I'm not working because I'm going to Jamaica with my buddy. b. I haven't had a job in a year, and I stopped looking for a job nine months ago. c. I'm a full-time student at the University of Illinois who doesn't have time to work. d. I can't stand my current job as a telemarketer. I used to be a nuclear engineer. e. I'm not working. I had three interviews this week, and I'm trying to find a job.
Which of the following will shift the domestic SAS curve up?
A. Reducing unemployment insurance B. Lowering wages C. Increasing unemployment insurance D. Increasing productivity by retraining