The heart of the argument against an increase in the minimum wage is one based on
A. the elasticity argument.
B. consumer and producer surplus analysis.
C. the macroeconomic argument.
D. the work effort argument.
Answer: B
Economics
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Economic efficiency requires that a natural monopoly's price be
A) equal to average total cost where it intersects the demand curve. B) equal to marginal cost where it intersects the demand curve. C) equal to average variable cost where it intersects the demand curve. D) equal to the lowest price the firm can charge and still make a normal profit.
Economics
Payments made to shareholders of a corporation are called
A. dividends. B. corporate bonds. C. retained earnings. D. common stock.
Economics