An increase in the minimum wage to $7 would cause ____ million people to lose their jobs.

Suppose that in November a profit-maximizing firm has 100 employees. By December, the firm has decreased employment. One can infer that, when 100 employees are hired, the

a. firm is losing market share. b. firm is minimizing losses. c. wage exceeds the value of the marginal product of labor. d. value of the marginal product of labor exceeds the wage.

If a firm is operating on the production function, then workers:

A. are usually putting forth minimal effort. B. may not be putting forth maximal effort. C. are usually putting forth average effort. D. must be putting forth maximal effort.