When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed is determined by the ________ and the ________
A) supply of labor; minimum wage
B) demand for labor; supply of labor
C) supply of and demand for labor; the minimum wage
D) demand for labor; minimum wage
D
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The figure above shows the market for college education in the United States. If the government has a goal of enrolling the efficient number of students each year, the government should provide a voucher to students equaling ________
A) $16,000 B) $13,000 C) $11,000 D) $5,000 E) $7,000
If the price elasticity of supply in the kiwi fruit industry equals 1, supply is
a. perfectly elastic b. relatively elastic c. unit elastic d. relatively inelastic e. perfectly inelastic
The monopsonist's marginal labor cost curve always lies below the labor supply curve
Indicate whether the statement is true or false
If the price of computers falls during a period when the average price level remains constant, which of the following has occurred?
A. Inflation B. A change in relative prices C. Deflation D. A recession