If there is a monopsony operating in the labor market illustrated in the figure above and the federal government decides to institute a minimum wage of $8 an hour then the wage paid will ________ and the quantity of labor hired will ________

Which of the following policies is a supply-side policy?

a. Reduction in taxes. b. Reduction in regulation. c. Reduction in resource prices. d. Subsidies to produce technological advances. e. All of these.

The entry of new firms into a monopolistically competitive market makes the demand curves for the existing firms more elastic

Indicate whether the statement is true or false