Critics of minimum wage laws argue that such laws will end up hurting people with ________ skill levels because these laws interfere with the smooth functioning of the labor market and create ________.
A. higher; unemployment
B. higher; a shortage of labor
C. lower; unemployment
D. lower; a shortage of labor
Answer: C
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Entrepreneurial profits are very low because entrepreneurs are generally overly
A. pessimistic and receive psychological rewards for their work. B. pessimistic and incur psychological costs from their work. C. optimistic and receive psychological rewards for their work. D. optimistic and incur psychological costs from their work.
Below, the graph on the left shows the short-run cost curves for a firm in a perfectly competitive market, and the graph on the right shows the current market conditions in this industry. What do you expect to happen in the long-run?
A. Market supply will decrease. B. Market price will decrease. C. The firm's profit will decrease. D. both b and c E. all of the above
In the figure above, what is the point price elasticity of demand when price is $80?
A. -0.50 B. -1.00 C. -2.00 D. -1.60 E. -0.75
The point of profit maximization for a monopolist is exemplified by
A) TR = TC. B) MR = MC. C) ATCmin. D) MR > MC.