Some policymakers claim that raising the minimum wage leads to higher employee morale and productivity. In this sense, an increased minimum wage would be operating like

In a perfectly competitive market that is in long-run equilibrium, a rightward shift in the market demand curve results in

A) the price falling in the short run. B) the firms' economic profits falling in the short run. C) firms leaving the industry in the long run. D) none of the events listed above.

Which of the following is not one of the theories that have emerged as alternatives to the HO model?

A) The human skills theory. B) The product life cycle theory. C) The similarity of preferences theory. D) All of the above have been suggested as alternatives to the HO model.