Critics of the minimum wage argue that
a. labor demand is inelastic so firms can adjust production.
b. too many older employees benefit at the expense of teenage workers.
c. many minimum-wage earners are teenagers from middle-class families.
d. All of the above are correct.
c
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The income elasticity of demand is ________ for a normal good and ________ for an inferior good
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
A map is an example of a model because a map
A. is two-dimensional. B. realistically describes an area. C. is a simplified representation of reality. D. is always as complex as space will permit.
The relationship between a change in the price of a complementary good and demand for another complementary good is
A. negative. B. inconclusive. C. zero. D. positive.
In the market for money, the price is called the
A. exchange rate. B. wage rate. C. same as any other market, simply a "Price." D. interest rate.