Suppose that a labor market is initially in equilibrium. If the minimum wage is set above the initial equilibrium wage rate:
A. all workers in the labor market will be better off, receiving a higher wage per hour.
B. the labor supply curve will shift to the right.
C. the quantity demanded of labor will decrease along the given labor demand curve.
D. All of these
Answer: C
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A risky borrower can pay a lower interest rate if:
a. she invests the amount in a profitable business. b. she can assure the lender of a low inflation rate. c. she makes a promise to repay within a short interval. d. she can arrange for a collateral.
Issuing coupons, waiting in line, and catering to favored customers are all methods of
A. exploiting wealth. B. nonprice rationing. C. unbiased favoritism. D. income distribution.
Refer to Scenario 13.1. If Dean gets to set the agenda, he will pit ________ in the first round to assure that ________ wins the first round vote
A) calamari and jalapeno poppers; jalapeno poppers B) calamari and potato skins; potato skins C) potato skins and calamari; calamari D) jalapeno poppers and potato skins; jalapeno poppers
Give examples of factors that decrease short-run aggregate supply. Which way does the SAS curve shift?
What will be an ideal response?