Will an increase in the minimum wage create more unemployment if the supply and demand for labor are highly elastic or highly inelastic?
What will be an ideal response?
An increase in the minimum wage creates less unemployment when the supply and demand for labor are highly inelastic. If the supply and demand for labor are highly elastic, an increase in the minimum wage leads to more unemployment because the quantity of labor supplied increases significantly and the quantity of labor demanded decreases significantly. If they are inelastic, an increase in the minimum wage leads to only a small decrease in the quantity of labor demanded and only a small increase in the quantity of labor supplied, so that the resulting unemployment is not very large.
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A good may be inferior at some income levels and normal at others
What will be an ideal response?
Which of the following statements about open angle glaucoma is false?
A. it accounts for 90% of glaucoma cases B. progressive clogging of drainage canals can increase interocular pressure C. fluid builds up in the aqueous humor D. will present with severe pain, nausea and vomiting E. all of these are true
At which point might society be able to produce if new resources were discovered but cannot produce with current resources? (See Figure 1.1.)
A. A. B. B. C. C. D. D.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, the point where only motorcycles are produced is
A. A. B. B. C. C. D. E.