Many economists are critical of the minimum wage because they believe that it:
A. hurts the efforts of labor unions.
B. reduces the number of available job opportunities.
C. conflicts with policies designed to equalize the distribution of income.
D. causes labor shortages in affected markets.
Answer: B
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In the long run, more costs become fixed
Answer the following statement true (T) or false (F)
A monopolist that chooses price
A) necessarily produces less than a monopolist that chooses quantity, hence the laws against price fixing. B) produces the same amount as a monopolist that chooses quantity. C) produces more than a monopolist that chooses quantity, thus the irony of laws against price fixing. D) could produce more or less than a monopolist that chooses quantity since the demand curve is not specified.
Economies of scale throughout the range of market demand give natural monopolies
a. downward-sloping long-run average cost curves b. upward-sloping long-run average total cost curves c. upward-sloping long-run average cost curves d. upward-sloping short-run average total cost curves e. horizontal long-run average cost curves
Aggregate income is a measure of:
A. income households have available to spend before paying personal taxes. B. the market value of total output. C. income households have available to spend after paying personal taxes. D. household and business earnings from the sale of productive resources.