In the figure above, if the minimum wage is $4 per hour, then
A) the quantity of labor supplied is less than the quantity of labor demanded.
B) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours.
C) unemployment is 1 million hours.
D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
B
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In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion. B) deficit was $3,973 billion. C) surplus was $2,703 billion. D) was balanced because every dollar the government spends it must raise. E) surplus was $1,270 billion. The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
If the relationship between the change in the inflation rate and the unemployment rate is depicted by the PP curve, then the value of the unemployment rate where the PP curve crosses zero is the nonaccelerating inflation rate of unemployment.
Answer the following statement true (T) or false (F)
A perfectly competitive firm will hire labor as long as the marginal revenue product of labor is
A. zero. B. less than the going wage. C. greater than the going wage. D. equal to the going wage.
The work effect is a basic assumption of the ________ school; it states that ___________.
Fill in the blank(s) with the appropriate word(s).