Suppose that studies show that a ten percent increase in the minimum wage decreases the number of minimum wage jobs by one percent. That would be the case if:
A. demand for labor is inelastic.
B. demand for labor is elastic.
C. supply of labor is inelastic.
D. supply of labor is elastic.
Answer: A
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In developing countries, the opportunity cost of an education is relatively low compared to the cost in a highly developed country
a. True b. False Indicate whether the statement is true or false
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A. what should be; what is B. fiction; fact C. microeconomics; macroeconomics D. negative aspects; positive aspects
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