An increase in the minimum wage
a. increases both the quantity demanded and the quantity supplied of labor.
b. decreases both the quantity demanded and the quantity supplied of labor.
c. increases the quantity of labor demanded but decreases the quantity of labor supplied.
d. decreases the quantity of labor demanded but increases the quantity of labor supplied.
d
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After the sugar substitute saccharin was found to cause cancer in laboratory mice, its price dropped dramatically. This change in the price was because
A) the supply of saccharin decreased. B) the demand for saccharin decreased. C) the government ordered the price reduction. D) saccharin producers felt sorry for their past customers and were making an honest attempt to compensate them.
Which of the following is not a characteristic of a public good?
a. It requires resources to produce. b. It is not diminished or depreciated as additional people consume the good. c. Its benefits cannot be withheld from anyone. d. It is a free good. e. It generates value (benefits) to more than one person.