Minimum-wage laws dictate
a. the exact wage that firms must pay workers.
b. a maximum wage that firms may pay workers.
c. a minimum wage that firms may pay workers.
d. both a minimum wage and a maximum wage that firms may pay workers.
c
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The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen
The midpoint of the chord that runs from zero and intersects the utility function where wealth is 100, represents Bob's A) risk premium. B) expected utility of receiving $50 with certainty. C) expected utility of receiving $0 50% of the time and $100 50% of the time. D) risk neutrality.
If the demand for a product increases as the result of an increase in income, it can be concluded that the
a. product is an inferior good. b. demand for the product is inelastic. c. price elasticity of demand for the product equals unity. d. product is a normal good.
Distinguish macroeconomics and microeconomics.
What will be an ideal response?
Suppose the demand for money and the supply of money increase simultaneously. We can:
What will be an ideal response?