A reduction in the minimum wage will tend to cause which of the following?
A) a reduction in poverty
B) an increase in the number of workers employed
C) an increase in the quantity supplied of labor
D) a reduction in the quantity demanded of labor
B
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A substitute is a good
A) that can be used in place of another good. B) that is not used in place of another good. C) of lower quality than another good. D) of higher quality than another good.
The capture theory holds that regulations are supplied to maximize ________
A) total sales B) economic profit C) marginal product D) consumer surplus
Bart operates a lemonade stand in front of his house. His father works at the Springfield Nuclear Power Plant. Which of the following is most likely to be true about the calendar time period associated with the short run for the two industries?
A. The short run would be one year for the lemonade stand and exactly two years for the nuclear plan
B.The short run is longer for the power plant than it is for the lemonade stand
C.The short run is the same for the power plant as it is for the lemonade stand.
D. The short run is shorter for the power plant than it is for the lemonade stand.
Refer to Figure 4-9. What area represents consumer surplus after the imposition of the price floor?
A) A + B B) A + B + E C) A + B + E + F D) A