The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours
B) 9,000 hours
C) 6,000 hours
D) 0 hours
D
You might also like to view...
In general, the number of firms is lesser in monopolistic competition compared to oligopoly
a. True b. False Indicate whether the statement is true or false
If a firm goes bankrupt, the bondholders will get paid back before the stockholders get any money
a. True b. False Indicate whether the statement is true or false
Which of the following companies was NOT implicated in a scandal in the early 2000s?
a. enron b. coca-cola c. tyco international d. all of the above were implicated in scandals
Firms in a perfectly competitive industry are earning economic losses. This is
A. a signal to government officials that a subsidy is needed for the firms in the industry. B. a signal to entrepreneurs that additional resources should be brought into this industry in order to make it profitable. C. a signal that the entrepreneurs are doing a poor job and should become workers for someone else. D. a signal to entrepreneurs that some of the firms in the industry should exit and the resources of these firms should move into production of other goods.