If the quantity of a good supplied is not very sensitive to the price of the good, economists say the supply of the good is relatively

When a minimum wage is introduced ________ the equilibrium wage rate, the quantity of labor demanded ________ and the quantity of labor supplied ________, thus creating unemployment

A) above; increases; decreases B) below; increases; decreases C) above; decreases; increases D) above; decreases; decreases E) below; decreases; decreases

Refer to Table 2-9. What is Thailand's opportunity cost of producing one wristwatch?

A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice