Which of the following is not true of minimum wages?
A. They have little effect on highly skilled workers.
B. They raise incomes of unskilled laborers who have jobs.
C. They prevent some willing workers from getting jobs.
D. They decrease wages for unskilled workers.
Answer: D
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Sarah's Soothing Diapers, Inc and Orville's Odorless Diapers, Inc are duopolists, who have agreed to collude. Orville has decided that he will comply with the collusive agreement as long as Sarah cooperated in the previous period
But if Sarah cheated in the previous period, Orville will punish Sarah by cheating in the current period. Orville's strategy is referred to as a A) Nash strategy. B) tit-for-tat strategy. C) trigger strategy. D) monkey-see, monkey-do strategy.
A perfectly contestable market is one which a firm can enter and exit without losing its investment
a. True b. False Indicate whether the statement is true or false
Calculate GDP for a country with investment of $2 trillion, government purchases of $3 trillion, capital depreciation of $1.5 trillion, consumption of $10 trillion, exports of $3.4 trillion, and imports of $3.9 trillion
The copper, aluminum, cement, and industrial alcohol industries are examples of:
A. interproduct competition. B. homogeneous oligopoly. C. monopolistic competition. D. differentiated oligopoly.