The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, the potential loss from job search in Midland city is
A) $60 million.
B) $120 million.
C) $40 million.
D) zero.
B
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Refer to Scenario 1-2. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 500 cigars?
A) sales revenue B) gross earnings C) marginal revenue D) gross profit
If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is:
A. inelastic. B. elastic. C. perfectly elastic. D. a perfectly horizontal line.
Since the end of World War II, the U.S. price level has: a. increased tenfold
b. increased by an average of 10 percent each year. c. increased and decreased with equal regularity, leaving the price level almost constant. d. increased by 50 percent. e. doubled.
Debbie quits her job, which pays $30,000 a year, to finish her college degree. Her annual college expenses are $10,000 for tuition, $2,000 for books, and $700 for food. What is her opportunity cost of attending college for the year?