Suppose that the market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 ? 5W. If the minimum wage were set at $6 an hour, how many people would not be able to find work?
A. 0
B. 30
C. 20
D. 10
Answer: B
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The demand for Healthy Bars, a health snack bar, is Qd = 10 - (2 × P) and Healthy Bars has a constant average cost of $3 per snack bar. If Healthy Bars wants to package their bars to create an all-or-nothing offer and puts the profit-maximizing number of bars into each package and charges the profit-maximizing price for the package, what is their profit?
A) $16 B) $12 C) $6 D) $4
In the above figure, the total cost of producing the profit maximizing level of output is shown by rectangle
A) 0P1AQ1. B) 0P5EQ5. C) 0P4HQ4. D) 0P2BQ1.
If economic fluctuations originate on the supply side,
a. there will be no relationship between unemployment and inflation. b. real wage increases will be necessary to eliminate unemployment. c. inflation and unemployment will be negatively related. d. inflation and unemployment will be positively related.
If the U.S. government determines that the cost of feeding an urban family of four is $7,500 per year, then the official poverty line for a family of that type is
a. $7,500. b. $15,000. c. $22,500. d. $30,000.