The minimum wage, if it is binding, lowers the incomes of
a. no workers.
b. only those workers who become unemployed.
c. only those workers who have jobs.
d. all workers.
b
Economics
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An increase in the supply of a good will cause
a. a decrease in equilibrium price and an increase in equilibrium quantity. b. an increase in equilibrium price and quantity. c. an increase in equilibrium price and a decrease in equilibrium quantity. d. a decrease in equilibrium price and quantity.
Economics
The figure above represents the relationship between output and cost in an industry with an external cost. Which line represents the marginal private cost (MC) curve?
A) Curve 1 B) Curve 2 C) the dotted line BC D) the y-axis E) the dotted line AB
Economics