If demand is ______ to changes in price, it is considered to be perfectly elastic.

The Fair Labor Standards Act originally set the minimum wage at

A) $3.00 in 1960. B) $0.25 in 1938. C) $1.25 in 1938. D) $0.25 in 1983. E) $1.25 in 1983.

Which of the following is a characteristic of a contestable market?

a. long-run economic profit b. many firms that are small relative to the market c. high costs for entry and exit d. minimum-cost production methods