Most U.S. workers have wages well above the legal minimum, so minimum-wage laws do not prevent the wage from adjusting to balance supply and demand
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 2-2. What is the opportunity cost of one dozen orchids?
A) 0.4 dozen roses B) 2.5 dozen roses C) 7.25 dozen roses D) 16 dozen roses
The Get-There-Safe Bus company incurs an average cost of $45 for each passenger it carries on its trip from Atlanta to Chattanooga. In advance of a particular trip, four seats remain unsold. The bus company could increase its profit only if it
a. charged any ticket price above $0 for the four remaining seats. b. charged at least $11.25 for each of the four remaining seats. c. charged at least $45 for each of the four remaining seats. d. paid four people to occupy the four remaining seats.
What particular characteristic do public goods and common resources have in common?
Refer to the graph shown. Which supply curve is perfectly elastic?
A. A B. B C. C D. D