Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. The workers? share of the tax burden is
A. $700.
B. $0.
C. $2,100.
D. $1,400.
Answer: D
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In the above figure suppose a minimum wage of $8 per hour is imposed. As a result, the quantity of labor supplied is ________ hours and the quantity of labor demanded is ________ hours
A) 3,000; 4,000 B) 4,000; 4,000 C) 2,000; 4,000 D) 4,000; 2,000
Which of the following statements is true about monopsony? a. Monopsonists face an upward-sloping supply curve of labor as long as unions control the supply curve of labor
b. Monopsonists can choose to hire any number of workers they wish. c. Monopsonists are also monopolists. d. Monopsonists will keep hiring until the worker's MRP = TLC. e. Monopsonists face a horizontal supply curve of labor as long as unions do not control the supply of labor.
Economists generally use gross domestic product to measure a nation's total output because it
a. equals the sales value of all transactions conducted during a period and, thus, can be easily calculated. b. is the best available measure of the market value of all final goods and services produced during a period. c. is unaffected by changes in the prices of products over time. d. is a reliable indicator of the social progress of a nation over time.
Pookie's Pinball Palace restores old Pinball machines. Pookie has just spent $300 purchasing and cleaning a 1960s-era machine which he expects to sell for $2,000 once he is finished with the restoration. After having spent $300, Pookie discovers that he
will need to rewire the entire machine at a cost of $1,100 in order to finish the restoration. Alternatively, he can sell the machine "as is" now for $1,000. What is the marginal cost of completing the task? A) $300 B) $800 C) $1,100 D) $1,400