Minimum wage laws
a. may encourage some teenagers to drop out and take jobs.
b. create labor shortages.
c. have the greatest impact in the market for skilled labor.
d. All of the above are correct.
a
You might also like to view...
If a farmer’s opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then his or her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
Even though monopolistic competition results in inefficiency, it does have which of the following benefits for society?
A) Firms earn zero economic profit in the long run. B) Firms can earn an economic profit in the short run. C) Product variety benefits consumers. D) Marginal cost equals price in the long run. E) The premise of the question is incorrect because nothing in monopolistic competition justifies any economic inefficiency.
Fill in the blank: Your authors argue that focusing on the market as a ________ process helps to better explain the haggling and negotiation activities, which are at the core of our production and consumption plans in the real world
A) monopolized B) oligopolized C) perfectly competitive D) competitive
The Ricardian Equivalence says
A) whatever the level of government expenses, consumption is the same. B) whatever the timing of taxes, consumption is the same. C) higher government expenses reduce consumption. D) an increase in current consumption has to lead to a decrease in future consumption.