An industry's equilibrium wage rate is established
A) by the industry supply curve for labor alone.
B) by the slope of the industry demand curve for labor alone.
C) by the Labor Department and based on the cost of living in the area.
D) by the intersection of the industry supply and demand curves for labor.
D
Economics
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Job rationing occurs if
A) the Lucas wedge is positive. B) the minimum wage is set below the equilibrium wage rate. C) an efficiency wage is set below the equilibrium wage rate. D) the real wage rate is pushed above the equilibrium wage rate. E) a union wage is set below the equilibrium wage rate.
Economics
As the price of a pound of peanuts falls, the
A) demand for peanuts increases. B) demand for peanuts decreases. C) quantity of peanuts demanded increases. D) Both answers A and C are correct.
Economics