Suppose that the free market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 ? 5W. If the minimum wage were set at $2.50 an hour, how many people would not be able to find work?
A. 0
B. 10
C. 20
D. 30
Answer: A
Economics
You might also like to view...
The marginal product of the fourth gizmo worker hired is
A) 1. B) 3. C) 5. D) 10.
Economics
If the shut down rule, p < AVC, is the same in the short run and the long run, explain why the shutdown prices may be different
What will be an ideal response?
Economics
If producers must receive a higher price to be induced to produce any quantity, we can conclude that
A) supply decreased. B) demand decreased. C) both supply and demand increased. D) demand increased.
Economics
When buyers and sellers are not equally informed about the characteristics of the goods and services offered for sale, information is said to be:
A. symmetric. B. costly-to-fake. C. credible. D. asymmetric.
Economics