Economic consequences of Tea Act (1773) included a/an __________ in the price of tea in the colonies and a/an ___________ in the revenues of colonial tea wholesalers

In the figure above, D0 is the demand for labor curve. Imposing a minimum wage of $3 per hour will

A) have no effect on the market. B) result in unemployment. C) result in a labor shortage. D) immediately shift the demand curve to D1.

The monopolistically competitive seller's demand curve will become more elastic the:

A. more significant the barriers to entering the industry. B. greater the degree of product differentiation. C. larger the number of competitors. D. smaller the number of competitors.