When a minimum-wage law forces the wage to remain above the level that balances supply and demand, the quantity of labor supplied is lower and the quantity of labor demand is higher than at the equilibrium wage
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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Let the marginal product of labor and capital be denoted by MPL and MPK respectively. The price of labor and capital are given by PL and PK respectively. Which of the following equations gives the condition for producing a given level of output at the least cost combination of inputs?
a. PL × PK = MPL × MPK b. PL × MPL = PK × MPK c. MPL ÷ PK = MPK ÷ PL d. PL ÷ PK = MPL ÷ MPK
Economics
The FOMC carries out its policies through directives to the bond-trading desk at the:
a. Federal Reserve Bank of Dallas. b. Chicago Fed. c. Federal Reserve of Philadelphia. d. Los Angeles Fed. e. Federal Reserve Bank of New York.
Economics