Refer to the figure above. If the government fixes a minimum wage rate at $25, the unemployment in the market will be:
A) 10 units of labor. B) 20 units of labor. C) 30 units of labor. D) 0 unit of labor.
D
Economics
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What are two main obstacles to increased international integration?
What will be an ideal response?
Economics
Suppose an economy with two goods (candy and desk) and two identical agents that is in a competitive equilibrium. The marginal cost of a piece of candy is given by MCc = 3Qc and the marginal cost of a desk is MCd = 2 + 2Qd. The current production level of candy is 6 pieces. What is the marginal rate of substitution (MRS)?
A) MRS = -4 B) MRS = - 2 C) MRS = 4 D) There is not enough information to calculate the MRS.
Economics