Suppose the equilibrium wage is $10 per hour. A minimum wage is a ________ and affects employment if it is set at ________

Imports depend

a. negatively on income. b. positively on income. c. negatively on the exchange rate. d. positively on the price of foreign currency. e. Both b and c.

Monopolistic competition and perfect competition are different in that

A) only monopolistically competitive firms advertise. B) only monopolistically competitive firms can earn economic losses in the short-run. C) only perfectly competitive firms maximize profits where marginal revenue equals marginal cost. D) only perfectly competitive firms are characterized by long-run economic profits of zero.