Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. Suppose the government cuts off the flow of illegal immigrants to this market. By how much will the employment of legal residents be increased?
A. 15M
B. 120M
C. 135M
D. 22M
A. 15M
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As it relates to R&D, the expected-rate-of-return curve, r:
a. usually slopes upward. b. shows the cost of financing various levels of R&D. c. varies in location depending on the location of the interest-rate-cost-of-funds curve, i. d. represents the marginal benefit element in the MB = MC decision framework.
Payments made to individuals for which goods or services are exchanged are known as ______.
a. co-pays b. deductibles c. transfer payments d. taxes
For a perfectly competitive firm, at profit maximization
A) market price exceeds marginal cost. B) total revenue is maximized. C) marginal revenue equals marginal cost. D) production must occur where average cost is minimized.
At a price of $20, a store can sell 24 picture frames a day. At a price of $18 the store can sell 33 picture frames a day. Since total revenue ________ by the price decrease, demand must be ________.
A. is increased; inelastic B. is increased; elastic C. is decreased; elastic D. is increased; unit elastic