Which of the following is an accurate statement concerning minimum wage?
a. Minimum wage was originally formed to help immigrant families.
b. Between state and federal minimum wage laws, an employee is entitled to the higher one.
c. Almost all states have minimum wage laws.
d. In 2014, the federal minimum wage was set at $10 an hour.
b. Between state and federal minimum wage laws, an employee is entitled to the higher one.
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The Interstate Commerce Commission (ICC) regulates railroads, barges and trucks. Suppose technical change lowers the costs of railroads
As a result, the ICC permits railroads to lower prices some but also alters the rates of barges and trucks so they get additional business. The ICC would be acting consistently with A) the capture theory of regulation. B) the public interest theory of regulation. C) the share-the-gains, share-the-pains theory of regulation. D) None of the theories presented in the text since economic regulation is specific to a single industry and not to agencies that cover more than one industry. That is the province of social regulation.
A subgame-perfect equilibrium is a Nash equilibrium that
a. cannot persist through several periods. b. involves only credible threats. c. consists only of dominant strategies. d. is unique.
In which market structure(s) might firms produce an undifferentiated product?
a. perfect competition only b. perfect competition and oligopoly c. monopolistic competition only d. perfect competition and monopolistic competition e. monopoly only
Suppose acre A is located at the market with zero transport costs of bringing its radishes to market. It costs acre B, located 20 miles away, $500 to transport its radishes to market. If demand for radishes is large enough so that both acres will be used to produce radishes,
a. the owner of acre A will earn zero location rent b. the owner of acre B will earn location rent of $500 c. the owners of acres A and B will earn combined location rents of $1,000 d. as long as one acre is located at the market, neither landowner of acre A nor B will earn location rent e. the owner of acre A will earn a location rent of $500