In Figure 33.1, how many people would lose their jobs as a result of the minimum wage? 

A. L*
B. LS-Lmin 
C. L*-Lmin 
D. LS - L*

Answer: C

Economics

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a. True b. False Indicate whether the statement is true or false

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To maximize expected profit, a perfectly competitive firm with a random marginal cost and random demand should produce at the level that sets ________ equal to ________.

A) expected marginal revenue; marginal cost B) marginal revenue; expected marginal cost C) expected marginal revenue; expected marginal cost D) marginal revenue; marginal cost

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