Public choice economics is the study of how elected officials are placed in their official capacities
Indicate whether the statement is true or false
F
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Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level?
Defend your position using economic principles.
In the Utah Pie case, the economic effect of the Supreme Court decision was to:
a. prohibit the merger of two small pie companies. b. encourage competition by ruling that the national competitors had engaged in illegal price discrimination. c. encourage competition by ruling that the national competitors had not engaged in illegal price discrimination. d. discourage competition by national competitors in the Salt Lake City market.
A perfectly competitive firm decides to shut down if:
a. the price falls below the average-total-cost. b. average revenue falls below the average-variable-cost. c. the price falls below the marginal cost. d. the average revenue curve lies below the marginal cost curve. e. the total revenue is less than total cost.
Increased border patrol will affect the labor market in California. With a(n) ________ in labor supply, we would expect wages to ________.
A. decrease; increase B. decrease; decrease C. increase; decrease D. increase; increase