The employment effect of a minimum wage increase is greater the
a. more elastic the demand for labor.
b. less elastic the demand for labor.
c. more the wage ceiling shifts the supply curve.
d. more the wage floor shifts the demand curve.
a
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Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. What is the competitive price?
A. $1,400 B. $920 C. $7,000 D. $1995
Based on the following information, calculate public saving, net foreign investment, and national income. Assume that the capital account is zero and net transfers are zero
private saving = $145 billion exports = $285 billion imports = $240 billion consumption = $600 billion private investment = $125 billion government purchases = $75 billion
A market of price takers is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
Refer to the graphs shown. The curve that best demonstrates the law of demand is:
A. I. B. II. C. III. D. IV.