In the labor market, if the government imposes a minimum wage that is below the equilibrium wage, then
A) workers who wish to work at the minimum wage will have a difficult time finding jobs.
B) firms will hire fewer workers than without the minimum wage law.
C) some workers may lose their jobs as a result.
D) nothing will happen to the wage rate or employment.
D
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A movie shown on a pay-per-view cable station is an example of
A) an excludable and rival good. B) a nonexcludable and rival good. C) an excludable and nonrival good. D) a nonexcludable and nonrival good.
The strong interdependence of oligopolistic firms is shown by
A. their willingness to change prices frequently. B. their reluctance to advertise. C. their inability to form a price conspiracy. D. the vulnerability of their sales to the actions of their rivals.
If the marginal cost curve is below the average variable cost curve, average variable cost must be _____________.
Fill in the blank(s) with the appropriate word(s).
Refer to the figure above. The optimal quantity produced by the monopolistic competitor is ________
A) Q1 B) Q2 C) Q3 D) Q4