In a monopsony labor market, imposition of a minimum wage will
a. reduce employment
b. increase unemployment
c. cause employers to actually reduce wages
d. reduce the number of people looking for work
e. none of the above
E
You might also like to view...
If tax revenues equal 25 percent of total output and government expenditures equal 20 percent of total output, then there is a:
A. government budget deficit. B. government budget surplus. C. trade deficit. D. trade surplus.
What is accounting profit?
A) gross revenue minus explicit and implicit costs B) the same as economic profit C) gross revenue minus implicit costs D) gross revenue minus explicit costs
A job advertised in an industry publication rather than a local newspaper is an attempt to
A) use access to the industry publication as a screening mechanism. B) use access to the newspaper as a screening mechanism. C) use access to the industry publication as a means of statistical discrimination. D) use access to the newspaper as a means of statistical discrimination.
Recall the Application about how the effect of a more dangerous job on wages may be used to calculate the value of a statistical life to answer the following question(s).According to the Application, one way to calculate the value of a statistical life is to compare how much more workers are paid with:
A. the the increase in the probability of dying on the job. B. the average age of death for people who worked in that type of job. C. the number of people how died in that job that year. D. how much the company pays for life insurance for their workers.