A minimum wage set above the equilibrium wage will ________ the quantity of labor demanded and ________ the quantity of labor supplied
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
E) not change; not change
C
You might also like to view...
Suppose when you are 21 years old, you deposit $1,000 into a bank account that pays annual compound interest, and you do not withdraw from the account until your retirement at the age of 65, 44 years later. How much more will be in your account if the interest rate is 6 percent rather than 5 percent?
A. $440 B. $4,428 C. $1,549 D. $8,557
The total utility from consuming five muffins is 14, 24, 35, 43, and 50 utils, respectively. Marginal utility begins to diminish after consuming the first muffin
a. True b. False Indicate whether the statement is true or false
Which of the following statements, in the context of U.S. exports, is true?
a. The U.S. exports products produced in the low wage industries. b. Primary products account for the largest share of U.S. exports to developed nations. c. The U.S. mainly exports labor intensive goods. d. Most U.S. exports are produced in high-wage industries. e. A bulk of U.S. exports to developing nations comprise of perishable commodities.
Refer to Figure 6.4. If the price of computers is $1,500, then consumer surplus is equal to:
A. $175,000.
B. $535,000.
C. $1,000.
D. $262,500.