A minimum wage is the:
A. lowest wage that a firm is legally allowed to pay its workers.
B. highest wage that a firm is legally obligated to pay its non-skilled labor.
C. wage every high school dropout will earn if they are employed.
D. prevailing wage for low-income workers in a nation.
A. lowest wage that a firm is legally allowed to pay its workers.
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Firms make a profit when they equate marginal revenue with marginal cost
Indicate whether the statement is true or false
Figure 7-6
Between $3 and $4, the price elasticity of the demand curve depicted in is
a.
relatively inelastic.
b.
approximately equal to -0.33.
c.
approximately equal to -3.
d.
both a and b.
You make a $1,000 investment in the stock of ABC Inc. Over the next year the investment decreases by 60%. What percentage increase do you need in the following year on your holding to be back to $1,000?
What will be an ideal response?
In game theory, the three key characteristics of a game are
A) rules, strategies, and payoffs. B) rules, regulations, and payoffs. C) winners, losers, and rules. D) risks, rewards, and penalties.