Refer to Table 4-8. If a minimum wage of $10.50 is mandated there will be a
A) surplus of 30,000 units of labor. B) shortage of 60,000 units of labor.
C) surplus of 60,000 units of labor. D) shortage of 30,000 units of labor.
C
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The New York Stock Exchange handles only about 10 percent of all stock market transactions in the United States
a. True b. False Indicate whether the statement is true or false
Market failure can occur when
A. monopoly power exists in the market. B. markets are missing. C. consumers can influence prices. D. all of these answer options are correct.
There has recently been an increase in the price of dairy products used in the production of ice cream. High temperatures have also induced people to consume more ice cream
In the market for ice cream, the effects these changes will have on equilibrium price and quantity are A) price will increase, and quantity will decrease. B) price will increase, and the effect on quantity is indeterminate. C) price will decrease, and quantity will increase. D) price will decrease, and the effect on quantity is indeterminate.
If the price of a resource increases, other things constant, less of that resource will be hired because
a. producers will substitute away from that resource b. producers fear starting a trend toward higher resource prices c. the demand curve for the product will shift to the left d. highly paid resources don't produce as much e. it makes other resources look expensive as well