The effect of a legal minimum wage set above the equilibrium wage rate is
A. a decrease in quantity of labor supplied.
B. an excess quantity of labor demanded.
C. an excess quantity of labor supplied.
D. an increase in the quantity of labor demanded.
Answer: C
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A) To minimize its total costs of production. B) To increase its total profit. C) To attract and lock in additional customers. D) To create network externalities.
Firms can protect information in the form of inventions and other industrial know-how under which two types of laws?
A) patents and trade secrets B) trade secrets and copyrights C) trade secrets and trademarks D) patents and copyrights
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