The table above gives the labor market for a small foreign economy. A minimum wage law that sets the minimum wage at $8.50 per hour produces
A) a labor surplus of 65 million hours.
B) a labor shortage of 25 million hours.
C) a labor surplus of $0.50 per hour.
D) a labor surplus of 25 million hours.
E) equilibrium in the labor market.
D
Economics
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The sum of the individual demands of all consumers in the market is called
a. individual demand b. market demand c. inferior good d. market supply e. quantity demanded
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Which of the following is the most likely candidate for a decreasing-cost industry?
a. airlines b. oil c. construction d. computers
Economics