If the minimum wage exceeds the equilibrium wage, then
A. there will be no unemployment.
B. the minimum wage will not be binding.
C. the quantity supplied of labor will exceed the quantity demanded.
D. the quantity demanded of labor will exceed the quantity supplied.
C. the quantity supplied of labor will exceed the quantity demanded.
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If the marginal social benefit of pizza exceeds the marginal social cost of pizza, the economy is producing the efficient quantity of pizza
Indicate whether the statement is true or false
Under what conditions will a firm's long-run producer surplus exceed their economic rents?
A) The firm requires land resources in the production process. B) The firm has access to specialized tools or technology that other firms do not own. C) The firm has access to knowledge or human capital that other firms do not own. D) The firm is operating in an imperfectly competitive market.
Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?
A profit-maximizing monopolist will ________ where marginal revenue is equal to marginal cost.
A. minimize its average total cost B. produce output C. charge the selling price D. All of the above are correct.