Supply curves slope upward to the right because
A) high enough prices make sunk costs irrelevant.
B) higher prices attract resources from other uses.
C) marginal cost is less than elasticity of demand.
D) otherwise they would not intersect demand curves.
B
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Suppose that the equilibrium wage in the low-skilled labor market is $9.25. Further, suppose the federal government raises the minimum wage to $9.00 an hour from its present level of $8.15
The government's action of increasing the minimum wage will result in A) a decrease in unemployment. B) an increase in unemployment. C) a shortage of low-skilled labor. D) neither a shortage nor a surplus of labor in the low-skilled labor market.
In which of the following monetary aggregates are Treasury Bills included?
A. M1 only B. M2 only C. Both M1 and M2 D. Neither M1 nor M2