Supporters of minimum-wage legislation argue that:
A. workers deserve a basic standard of living.
B. it would not be fair for firms to pay a wage that would leave workers struggling to escape poverty.
C. a worker earning minimum wage should be able to live above the poverty line.
D. All of these are true.
D. All of these are true.
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In perfect competition, the market demand for the good ________ perfectly elastic and the demand for the output of one firm ________ perfectly elastic
A) is; is B) is; is not C) is not; is D) is not; is not
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. Which of the following is true?
A) If the price of iced tea is $3, producers will sell 30,000 units of iced tea but this output will be economically inefficient. B) If the price of iced tea is $3, consumers will purchase more than the economically efficient output. C) Both 10,000 and 30,000 are economically inefficient rates of output. D) If the price of iced tea is $3, the output will be economically efficient but there will be a deadweight loss.
Assuming that good "x" is measured on the x-axis and good "y" is measured on the y-axis, if the utility for the two goods "x" and "y" can be measured as U = x, then it can be concluded that
A) "x" and "y" are perfect complements. B) "y" is a "bad". C) the indifference curves on the x,y graph are upward sloping. D) the indifference curves on the x,y graph are vertical.
Along the supply curve of lifeguards at local public pools,
a. the wage paid to lifeguards is held constant b. the number of lifeguards is held constant c. the wage paid to lifeguards at private clubs is held constant d. the demand for lifeguards is assumed constant e. the admission price to these public pools rises as the wage rate for lifeguards increases