The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, which of the following statements is true?
A) Firms' surplus increases with the minimum wage.
B) Workers who retain their jobs have their wages rise.
C) The market is efficient.
D) The quantity supplied of workers is less that quantity demanded.
E) Unemployment decreases because firms employ their workers more carefully.
B
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Crony capitalism is present when
a. businesses are either implicitly or explicitly prohibited from making donations to political candidates. b. businesses either implicitly or explicitly provide political decision-makers with contributions and other forms of political support in "exchange" for government favors that will improve their profitability. c. rule of law is present and government officials treat all citizens alike. d. government officials spend taxpayer funds only on productive projects.
If an economy can produce a maximum of 10 units of good X and the opportunity cost of 1X is always 2Y, then what is the maximum units of good Y the economy can produce?
A) 5 B) 200 C) 20 D) 500 E) none of the above