Which of the following is correct?
a. Studies of the effects of the minimum wage typically find that a 10 percent increase in the minimum wage raises the average wage of teenagers by 10 percent.
b. The drop in teenage employment caused by a 10 percent increase in the minimum wage is not significant.
c. The minimum wage is more often binding for teenagers than for other members of the labor force.
d. All firms consistently enforce minimum-wage laws.
c
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Under ________, there are many firms selling slightly different products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
All else constant, as the price elasticity of demand decreases, so does the marginal revenue resulting from a decrease in price
Indicate whether the statement is true or false
The value of the deposit multiplier is 1 divided by the required reserve ratio
a. True b. False Indicate whether the statement is true or false
A key determinant of the price elasticity of supply is
a. the ability of sellers to change the price of the good they produce. b. the ability of sellers to change the amount of the good they produce. c. how responsive buyers are to changes in sellers' prices. d. the slope of the demand curve.