The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
A. 1
B. 2
C. 3
D. 4
Answer: C
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If a market is dominated by a few large, interdependent firms, it is said to be a(n)
a. oligopoly b. monopoly c. integrated monopoly d. monopolistically competitive market e. perfectly competitive market
A change in the quantity demanded of labor is represented by a shift in the labor demand curve
a. True b. False Indicate whether the statement is true or false
For the perfectly competitive firm shown in Figure 9-6,
a.
profit rises when the firm raises its price and lowers its output
b.
the profit-maximizing output level is 180 units
c.
an economic loss occurs at the profit-maximizing output level
d.
the profit-maximizing output level is 100 units
e.
the firm will earn short-run profits
Jose owns his own business. The first three employees can create 10, 12, and 11 widgets per hour. When Jose hires the 4th worker the total production from all employees increased to 40 total widgets per hour. What was the marginal product of the 4th worker?
A. 13 widgets B. 10 widgets C. 33 widgets D. 7 widgets