In the short run, those who are hurt by the minimum wage are
a. some workers who lose their jobs
b. employers who have to pay more
c. consumers who have to pay more for goods
d. all of these
D
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Which of the following is NOT held constant while moving along a supply curve?
A) expected future prices B) the number of sellers C) the price of the good itself D) prices of factors of production
Given that the firm wants to sell both the versions, how high can the high-end professional knives be priced?
a. $60 b. $70 c. $80 d. $100
The fraction of a change in disposable income that is consumed is called _____
a. autonomous consumption b. induced consumption c. the multiplier d. the marginal propensity to consume e. the marginal propensity to save
Suppose that in a particular market, the supply curve is highly elastic and the demand curve is highly inelastic. If a tax is imposed in this market, then the
a. buyers will bear a greater burden of the tax than the sellers. b. sellers will bear a greater burden of the tax than the buyers. c. buyers and sellers are likely to share the burden of the tax equally. d. buyers and sellers will not share the burden equally, but it is impossible to determine who will bear the greater burden of the tax without more information.