Refer to the figure above. If the government institutes a minimum wage rate at $30, the unemployment in the market will be:
A) 25 units of labor. B) 10 units of labor. C) 15 units of labor. D) 20 units of labor.
B
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Who promised "two cars in every garage and a chicken in every pot?"
A. Herbert Hoover B. Franklin D. Roosevelt C. Dwight D. Eisenhower D. John F. Kennedy
Of the following OECD countries, which has the lowest infant mortality rate?
A) the United Kingdom B) Japan C) Canada D) the United States
A competitive equilibrium fails to be a Pareto Optimum with a distorting tax because
A) the consumer's budget constraint has an additional kink. B) the firm is no longer maximizing profits. C) the government wastes its revenue. D) the consumer faces a different effective wage than the firm.
Suppose that, in the long run, a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. The long run market supply curve is:
A. vertical at 5 gallons per day. B. horizontal at $20 per gallon. C. horizontal at $50 per gallon. D. horizontal at $100 per gallon.