In the United States, the federal minimum wage in early 2016was:
A. $7.25 per hour.
B. $6.50 per hour.
C. $8.00 per hour.
D. $7.73 per hour.
A. $7.25 per hour.
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Assume that the graphs show a competitive market for the product stated in the question below.
Select the graph above that best shows the change in the market following a tax placed on the suppliers in the market.
A. graph (1) B. graph (2) C. graph (3) D. graph (4)
The marginal revenue for a single-price monopoly with a downward-sloping demand curve
A) is less than the price. B) is greater than the price. C) is equal to the price. D) might be more than, less than, or equal to the price, depending on whether the slope of the demand curve exceeds 1.0 in magnitude. E) might be more than, less than, or equal to the price, depending on whether the price elasticity of demand exceeds 1.0 in magnitude.
The marginal product curve rises when the marginal cost curve rises
a. True b. False Indicate whether the statement is true or false
Which of the following items is not a factor of production?
a. labor b. land c. capital d. money