Unions support minimum wage laws, because
A) union workers are typically paid the minimum wage.
B) an increase in the minimum wage paid to low-skilled labor increases the opportunity cost of employing high-skilled union labor and, hence, increases the demand for union labor.
C) an increase in the minimum wage paid to low-skilled labor increases the opportunity cost of employing low-skilled labor and, hence, increases the demand for union labor.
D) an increase in the minimum wage paid to low-skilled labor causes the supply curve of low-skilled labor to shift leftward and, hence, increases the demand for union labor.
C
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If a straight line crosses the Y-axis at 5 and crosses the X-axis at 10, we can conclude that the slope of the line is
A) positive. B) negative. C) zero. D) infinity.
If the price doesn't change, no matter how much output is produced, the total revenue curve is a(n)
a. upward-sloping straight line b. downward-sloping straight line c. horizontal straight line d. U-shaped curve e. hill-shaped curve