The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $6 per hour, how many hours do students work?
A) 12,000 hours
B) 9,000 hours
C) 6,000 hours
D) None of the above answers is correct.
B
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Monopolies have ____ substitutes
A) many B) few C) no D) several but less than 10
A 10-cent-per-box tax on producers of cigars will
a. shift the firm's ATC and MC curves upward by the full amount of the tax. b. induce the firm to produce less but will not shift the firm's MC curve. c. shift the firm's ATC and MC curves downward by the full amount of the tax. d. shift the MC curve upward but will not cause any shift in the ATC curve.
When producers (say, of roads) are not able to make all consumers pay for enjoying their product (i.e., the roads), they tend to see a:
A. Marginal cost of production that is too low, and there is a supply-side market failure B. Marginal benefit of production that is too high, and there is a demand-side market failure C. Marginal cost of production that is too high, and there is a supply-side market failure D. Marginal benefit of production that is too low, and there is a demand-side market failure
When the price level increases there is ________ movement along the aggregate demand curve because the buying power of money ________
A) a downward; increases B) an upward; increases C) an upward; decreases D) no; does not change E) a downward; decreases