Republicans argue that labor demand is ________, so ________ jobs will be lost when the minimum wage is raised
A. inelastic; many
B. inelastic; few
C. elastic; many
D. elastic; few
Answer: C
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How does a per-unit subsidy affect the simple monopoly equilibrium?
a. The subsidy does not affect marginal cost and thus does not affect the monopoly equilibrium. b. The subsidy lowers the price charged by the monopoly, but it also lowers social gain. c. The subsidy increases the monopoly's profit but does not improve social gain. d. The subsidy causes both monopoly output and social gain to increase.
When a firm's average revenue falls, the marginal revenue also falls and is less than the average revenue
a. True b. False Indicate whether the statement is true or false
Suppose the demand for peanuts increases. What will happen to producer surplus in the market for peanuts?
a. It increases. b. It decreases. c. It remains unchanged. d. It may increase, decrease, or remain unchanged.
If the real wage is above the equilibrium real wage, there would be a ________ of workers and the real wage would ________
A) surplus; decline B) surplus; rise C) shortage; decline D) shortage; rise