Given that the demand for unskilled labor curve is downward-sloping, an unintended effect of raising the minimum wage is that some people who worked at the lower wage will lose their jobs at the higher wage
Indicate whether the statement is true or false
True
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A natural oligopoly occurs when
a. few firms can afford to compete in the industry b. the minimum efficient scale is a large fraction of the market c. there are a large number of buyers and sellers of a standardized product d. minimum efficient scale is greater than total market demand at the price equal to minimum long run average total cost e. competitive pricing drives firms from the market
In the short run, the fixed costs of a firm:
A. are irrelevant in deciding whether to shut down production. B. are equal to zero when quantity produced is zero. C. are all the costs it incurs when it produces some positive quantity. D. can sometimes be avoided in the short run.
The direct transfer of goods and services rather than cash is known as
A. Welfare income. B. Poverty support. C. In-kind transfers. D. Transfer payments.
At a market equilibrium, the marginal net benefit curve is
a. Horizontal b. Vertical c. Increasing d. Decreasing e. Maximized