After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The sunk cost of the coffee purchased at the gas station is:

Elly needs to get her leaking faucet repaired as soon as possible. She gets in touch with a plumber who asks for an unreasonably high fee. If no other plumber is available for work, who has a higher bargaining power? Explain your answer

What will be an ideal response?

The effect of a legal minimum wage set above the equilibrium wage rate is

A) an excess quantity of labor demanded. B) an excess quantity of labor supplied. C) an increase in the quantity of labor demanded. D) a decrease in quantity of labor supplied.