In the above figure, if the minimum wage is set at $2 per hour, what quantity of labor is employed?
A) 100 million hours
B) 200 million hours
C) 300 million hours
D) 400 million hours
B
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Compare and contrast horizontal and vertical equity
What will be an ideal response?
Which of the following is FALSE?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, raise prices on both the products c. After acquiring a complementary product, raise prices on both the products d. All of the above
Consider two cars manufactured by Chevrolet in 2014 . During 2014, Chevrolet sells one of the two cars to Emily for $20,000 . Later in the same year, Emily sells the car to Jim for $18,000 . The second automobile, with a market value of $19,000, is unsold at the end of 2014 and it remains in Chevrolet's inventory. The transactions just described contribute how much to GDP for 2014?
a. $20,000 b. $37,000 c. $38,000 d. $39,000
Suppose that the current equilibrium price of gasoline is $3.50 per gallon and that the government passes a law that requires the price to be no more than $3 per gallon. What will be the effects?
What will be an ideal response?