When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed is determined by the ________ and the ________

For a common resource, efficiency requires that the ________ equals the ________

A) marginal private benefit; marginal private cost B) marginal social benefit; marginal social cost C) marginal private benefit; marginal social benefit D) marginal social cost; marginal private cost

The income elasticity of demand for all goods taken together must be

A) zero. B) -1. C) +1. D) between 0 and 1.