In the figure above, if the minimum wage is $2 per hour, then
A) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours.
B) the quantity of labor demanded is 4 million hours and the quantity of labor supplied is 2 million hours.
C) unemployment is 1 million hours.
D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
D
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Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. A study of the effect of automobile insurance and traffic fatalities conducted by Alma Cohen and Rajeev Dehejia estimates that a one percentage point decrease in the number of uninsured drivers:
A. decreases the number of traffic fatalities by 10 percent. B. decreases the number of traffic fatalities by 0.5 percent. C. has no measurable effect on the number of traffic fatalities. D. increases the number of traffic fatalities by 2 percent.
The following is a correct order in a business cycle: trough, recession, peak, expansion.
Answer the following statement true (T) or false (F)
In a purely competitive market, how would a surplus of a product be eliminated?
A. The price of the product would decrease B. The price of the product would increase C. The quantity supplied of the product would increase D. The quantity demanded for the product would decrease
If elasticity of demand is 5 and price is raised from $10 to $11, by what percentage will quantity demanded fall?
What will be an ideal response?