The U.S. government sets a minimum wage, which is a:
a. price floor.
b. price ceiling.
c. point of equilibrium.
d. recommended level.
a. price floor.
You might also like to view...
The above table has the marginal product schedule for Nick's Dry Cleaners, a perfectly competitive dry cleaning firm
a) If the price to dry clean a blouse is $8 each, complete the last column of the table. b) If Nick can hire workers at the going wage rate of $16 an hour, how many workers does Nick hire?
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. ________ has the comparative advantage in TVs and ________ has the comparative advantage in radios.
A. Rich; Rich B. Rich; Jen C. Jen; Jen D. Jen; Rich
The Case in Point on obesity suggests that food prices are lower because of:
A) an increase in the in the demand for food only. B) an increase in the supply of food only. C) an increase in the demand for food was less than the increase in the supply of food. D) an increase in the supply of food that was less than the increase in demand for food.
Refer to the graph shown. Assume the market is initially in equilibrium at point j in the graph but the imposition of a per-unit tax on this product shifts the supply curve up from S0 to S1. The lost consumer surplus of this tax is equal to the area:
A. hji. B. cdjh. C. deij. D. cehi.