If the demand for labor is inelastic, then the unemployment caused by raising the minimum wage is
A. more than if it were elastic.
B. unrelated to labor demand elasticity.
C. less than if it were elastic.
D. the same as if it were elastic.
Answer: C
Economics
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The above figure shows Larry's indifference map and budget lines for ham and pork. Which of the following statements is TRUE?
A) Pork is an inferior good. B) Ham is an inferior good. C) Neither pork nor ham is an inferior good. D) Both ham and pork are inferior goods.
Economics
Consumers always prefer indifference curves that are ____ the origin
a. closer to b. tangent to c. farther from d. concave relative to
Economics