Refer to the given figure and assumptions. The equilibrium wage and level of employment are, respectively:
Assumptions: (1) Employers in this market are willing and able to ignore minimum wage laws; (2) S d represents the supply of domestic-born (and legal immigrant) workers; (3) S t represents
the total supply of workers in this labor market (S d plus illegal immigrants); and (4) unless otherwise stated, illegal immigration is not effectively blocked by the government.
A. $5.50 and 250,000.
B. $5.50 and 350,000.
C. $8.00 and 350,000.
D. $5.50 and 450,000.
D. $5.50 and 450,000.
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If, when the price falls, total revenue increases, demand is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) None of the above answers is correct because total revenue always decreases when the price of the good falls.
One explanation for the drop in the standard of living in the Soviet Union during World War II is that
a. the war led to a movement along its production possibilities frontier away from civilian goods and towards military goods b. the war led to an outward shift in the production possibilities frontier due to a rise in the level of technology c. prior to the war, there was much productive inefficiency in the Soviet Union d. the opportunity cost of producing military goods was zero in their economic system e. resources used to produce civilian goods were equally capable of producing military goods