Which of the following is not correct?
a. The economy contains many labor markets for different types of workers.
b. The impact of the minimum wage depends on the skill and experience of the worker.
c. The minimum wage is binding for workers with high skills and much experience.
d. The minimum wage is not binding when the equilibrium wage is above the minimum wage.
c
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"Suppose the market for aluminum is perfectly competitive and unregulated. If aluminum factories emit pollution, the marginal social cost of aluminum is less than the market price". True or false? Explain
What will be an ideal response?
A recessionary gap
a. is of little consequence in a capitalist economy b. represents actual physical output lost c. implies an equilibrium level of national income at less than full employment d. is associated with rising price levels e. will automatically close, according to Keynes