What is the name of the least amount that legally may be paid to most workers for an hour of work?
a. equilibrium price
b. supply cost
c. price floor
d. minimum wage
Ans: d. minimum wage
You might also like to view...
A socially optimal public health policy should expand the proportion of the population vaccinated:
A. until the marginal benefit of an additional vaccination is greater than the marginal cost of an additional vaccination. B. whenever the marginal benefit of an additional vaccination is positive. C. until the marginal benefit of an additional vaccination equals zero. D. until the marginal cost of an additional vaccination equals the marginal benefit of an additional vaccination.
When mortgage loans are securitized, they are
A) issued to borrowers with flawed credit histories. B) issued to borrowers who fail to document their income. C) bundled together by financial institutions and sold to investors. D) guaranteed by the federal government.
The USDA threshold income level was originally based on the cost of
A. basic clothing. B. a nutritionally adequate food plan. C. housing. D. transportation.
Refer to the diagram for a pure monopolist. If a regulatory commission sets the price to achieve the socially optimal allocation of resources, it will have to:
A. tax the monopolist P 3 P 1 per unit to prevent the monopolist from realizing an economic
profit.
B. subsidize the monopolist or the monopolist will go bankrupt in the long run.
C. subsidize the monopolist P 1 P 4 per unit to allow the monopolist to break even.
D. tax the monopolist P 1 P 2 per unit to prevent the monopolist from realizing an economic
profit.