In a monopsony labor market, a minimum wage set equal to the competitive market equilibrium wage rate can ________ the wage rate and ________ employment
A) raise; increase
B) raise; decrease
C) lower; increase
D) lower; decrease
A
Economics
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A binding price floor is shown in
A. panel (b) only. B. neither panel (a) nor panel (b). C. panel (a) only. D. both panel (a) and panel (b).
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Given the equations for C, I, G, and NX below, what is the equilibrium level of GDP?
C = 1,000 + 0.8Y I = 1,500 G =1,250 NX = 100 A) $3,080 B) $3,850 C) $6,930 D) $19,250
Economics