Minimum wage legislation:
a. sets a price ceiling above the market-clearing price.
b. has no impact if the minimum wage is above the market-clearing price.
c. has the same impact in all labor markets.
d. creates unemployment when the minimum wage is above the equilibrium wage.
e. is opposed by organized labor.
d
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Refer to Figure 15-12. Assume the firm maximizes its profits. What is the amount of consumer surplus?
A) $21 B) $124 C) $186 D) $332
Joe's income is $500, the price of food (F) is $2, and the price of shelter (S) is $100. Which of the following bundles is in Joe's opportunity set?
A) 50 units of food, five units of shelter B) 200 units of food, two units of shelter C) 100 units of food, one unit of shelter D) 150 units of food, three units of shelter
A company that can build a project that will cost $50,000, but returns $52,000 in one year would make a good decision by turning this project down if the interest rate were 3 percent
a. True b. False Indicate whether the statement is true or false
An example of price discrimination is the price charged for:
a. theater tickets that offer lower prices for children. b. gasoline. c. an economics textbook at a campus bookstore. d. a postage stamp.