The way that a society uses to allocate resources to satisfy human wants is called
A) an economic system.
B) an assumption.
C) realism.
D) a physical science.
A
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The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, a ten cent per unit subsidy on the good sold by the firm will cause the firm to
A) demand less labor. B) demand more labor. C) raise the wage for workers to $5.10. D) None of the above.
If a minimum wage is established, a monopsonist faces
A) an upward sloping supply of labor at all quantities of labor. B) a downward sloping supply of labor at all quantities of labor. C) a horizontal supply of labor at the minimum wage and the upward sloping portion of the labor supply curve above minimum wage. D) a horizontal supply of labor at the minimum wage and the downward sloping portion of the labor demand curve below minimum wage.