Aniella believes that the demand for unskilled labor is relatively inelastic. Carmella believes that the demand for unskilled labor is relatively elastic. Which is an advocate of minimum-wage laws?

The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10. If he signed a fixed-fee rental contract with the store owner and pays $1000 as the rent,

A) Nick will sell 20 MP3 players. B) Nick will sell 40 MP3 players. C) Nick will sell 50 MP3 players. D) Nick will not sign the contract.

Economic studies have generally found that professional sports players have salaries that

a. greatly exceed their marginal contribution to a team's revenue stream. b. are approximately equal to their marginal revenue products. c. are about one-half of what they contribute to a team's profitability. d. are less than one-tenth of their marginal revenue products.