One reason for selecting a section of microeconomics for which attendance is part of the grade (as opposed to one where it is not) is that it serves as a commitment device that will get you to attend class.
Answer the following statement true (T) or false (F)
True
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In the above figure, a price floor of $4
A) leads to a shortage. B) leads to a surplus. C) has no effect. D) shifts the demand curve leftward.
A profit maximizing single-price monopolist sets price equal to marginal cost
Indicate whether the statement is true or false
Economic theory suggests that the standard of living of American workers would rise if
a. the minimum wage were doubled. b. the knowledge and skills of workers improved. c. older workers were forced to retire earlier, opening up jobs for younger workers. d. technological setbacks lowered output per worker hour, increasing the number of jobs.
An increase in the minimum wage will tend to cause which of the following to occur?
A) an increase in the size of the surplus of labor B) a leftward shift in the demand for labor C) a rightward shift in the supply of labor D) a reduction in the unemployment rate