According to the above table, if the minimum wage is set at $20 per hour, then
A) the quantity of labor demanded will increase until it is equal to the quantity of labor supplied.
B) there is an excess demand for labor.
C) the labor demand curve will shift until $20 is the new equilibrium real wage rate.
D) the quantity of labor supplied exceeds the quantity of labor demanded by 50 million hours per month.
E) the labor supply curve will shift until $20 is the new equilibrium real wage rate.
D
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The total revenue curve of a perfectly competitive firm
a. is horizontal b. is vertical c. has a diminishing slope as output increases d. has an increasing slope as output increases e. has a constant slope as output increases
The price where quantity demanded is equal to quantity supplied is known as
a. equilibrium price. b. equilibrium quantity. c. equilibrium rate. d. equilibrium level.
Shift to the left or right for supply:business deploys more efficient tech
What will be an ideal response?
Which of the following CANNOT be a source of comparative advantage?
A) Climate B) Resource stock available C) Education of workforce D) Domestic prices of goods and services