An effective minimum wage is set
A. above the equilibrium level.
B. below the equilibrium level.
C. at the equilibrium level.
A. above the equilibrium level.
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The price that U.S. consumers pay for goods imported from Mexico has fallen and the quantity of U.S. imports from Mexico has ________
Because of these changes, the winners are U.S. ________ of goods imported from Mexico and the losers are U.S. ________ of goods imported from Mexico. A) increased; consumers; producers B) decreased; producers; consumers C) increased; producers; producers D) increased; producers; consumers E) decreased; consumers; producers
Which of the following is NOT a condition for price discrimination to exist?
A. unpatented product or the service B. identification of buyers with differing elasticities C. downward sloping demand curve faced by the firm D. ability to prevent the resale of the product or service