If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor:
a. the quantity of unskilled labor demanded will exceed the quantity of unskilled labor supplied.
b. the quantity of unskilled labor supplied will equal the quantity of unskilled labor demanded.
c. the quantity of unskilled labor supplied will exceed the quantity of unskilled labor demanded.
d. the demand for unskilled labor will decrease.
c
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Why do people hold money in the classical model?
What will be an ideal response?
Refer to the table below. If Stuffed Pies is currently producing 9 units of quality, to maximize profit, Stuffed Pies should ________ the units of quality.
Stuffed Pies is a frozen calzone manufacturer. The table above summarizes Stuffed Pies' marginal revenue and marginal cost of quality at various quality amounts.
A) increase
B) decrease
C) decrease by 50 percent
D) not change
A monopsony will:
a. hire more workers than a competitive employer. b. pay a higher wage than a competitive employer. c. employ a quantity of labor where the marginal revenue product equals the marginal factor cost. d. all of these.
Decision making in the corporate hierarchy is a lot more spread out in _______ while CEOs are much better paid in _______.
A. the United States than in Japan; the United States than in Japan B. Japan than in the United States; Japan than in the United States C. the United States than in Japan; Japan than in the United States D. Japan than in the United States; the United States than in Japan