Rent controls and the minimum wage are both examples of price ceilings

Bridge Coal Company is the only employer in a remote and mountainous region of the country, so the firm is the monopsony buyer of labor in the market

If the price of coal increases, then the firm's quantity of labor demanded ________ and the equilibrium wage ________. A) decreases, decreases B) decreases, increases C) increases, decreases D) increases, increases

A change in price that has relatively little effect on quantity demanded is called elastic demand

Indicate whether the statement is true or false