The minimum wage is a price ____, which tends to ___ the employment of unskilled workers.
A. ceiling; decrease
B. ceiling; increase
C. floor; decrease
D. floor; increase
C. floor; decrease
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Suppose that policymakers are considering placing a tax on either of two markets. In Market A, the tax will have a significant effect on the price consumers pay, but it will not affect equilibrium quantity very much. In Market B, the same tax will have only a small effect on the price consumers pay, but it will have a large effect on the equilibrium quantity. Other factors are held constant. In
which market will the tax have a larger deadweight loss? a. Market A b. Market B c. The deadweight loss will be the same in both markets. d. There is not enough information to answer the question.
A credible threat is:
A. possible to carry out. B. in the threatener's interest to carry out. C. legally enforceable. D. not in the threatener's interest to carry out.
Cindy's attitudes towards risk are summarized by the utility function U(w) = . Cindy has an initial wealth of $100. There is a 10% chance that her home will sustain flood damage next year costing her $40 in repairs
What is the most she will pay to for a full $40 of flood insurance?
Market equilibrium occurs at that price for which
a. quantity supplied equals quantity demanded b. cost equals the wages to labor c. the surplus quantity drives increased demand d. quantity supplied exceeds quantity demanded e. quantity supplied is less than quantity demanded