Refer to Table 4-7. If a minimum wage of $11.50 an hour is mandated, what is the quantity of labor supplied?
A) 40,000 B) 570,000 C) 610,000 D) 1,180,000
C
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Consumers value the product-specific services for a new smartphone at $20 and the marginal cost to the retailers for providing the product-specific services is $20. If the retailers provide the product-specific services, which of the following is true?
A) The shift in the market demand will equal the shift in the market supply. B) The shift in the market demand will be exactly double the shift in the market supply. C) The shift in the market supply will exceed the shift in the market demand. D) The shift in the market demand will exceed the shift in the market supply.
In the long run, the representative firm in monopolistic competition tends to have:
A. excess capacity. B. a perfectly elastic demand curve. C. economic profits. D. limited product differentiation.
The expression, IM, represents the value of imports in terms of
A) foreign currency. B) domestic currency. C) foreign goods. D) domestic goods. E) exports.
Policies designed to affect the quantity of money are
A. supply side or growth policies. B. government spending policies. C. fiscal policies. D. monetary policies.