Which of the following is the most likely outcome of minimum wage laws?
a. an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
b. an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms
c. a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms
d. a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
B
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______ are end results that require action
a. Goals b. Attitudes c. Values d. Problems
Since only a few firms dominate the oligopoly market, cutthroat competition does not exist
a. True b. False Indicate whether the statement is true or false
As a result of technology spillovers: Taxes may move us closer to the efficient output level in such industries. a. Other members of society bear external costs
b. Too much production takes place in the high technology areas. c. Taxes may move us closer to the efficient output level in such industries. d. None of the above are true.
The more inelastic the demand for a product, the more the actual burden of a tax on the product will:
A. fall on sellers. B. fall on buyers. C. fall equally on both buyers and sellers. D. create a larger deadweight loss (or excess burden).