The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then there are ________ unemployed workers
A) 20,000
B) 40,000
C) 60,000
D) 80,000
E) zero
B
You might also like to view...
Geographic areas in which pollution is greater than what is allowed by national ambient air quality standards are referred to as
a. mobile source areas b. prevention of significant deterioration (PSD) areas c. nonattainment areas d. air quality control regions (AQCRs)
What are the two components of a firm's total cost in the short run, and what are their definitions?
What will be an ideal response?
In the long run, a firm's producer surplus is equal to the
A) economic rent it enjoys from its scarce inputs. B) revenue it earns in the long run. C) positive economic profit it earns in the long run. D) difference between total revenue and total variable costs. E) difference between total revenue and total fixed costs.
What happens in the money market when there is a decrease in the supply of money?
A) The equilibrium quantity of money increases and the equilibrium interest rate increases. B) The equilibrium quantity of money increases and the equilibrium interest rate decreases. C) The equilibrium quantity of money decreases and the equilibrium interest rate increases. D) The equilibrium quantity of money decreases and the equilibrium interest rate decreases.