Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?

The Economic Report of the President

a. discusses recent developments in the economy and presents analysis of current policy issues. b. is written by the Council of Economic Advisers. c. is the responsibility of the economists at the Office of Management and Budget. d. Both a and b are correct.

After participating members of a cartel form an agreement on common prices and output quotas, then an individual firm can increase its own profits by

A) decreasing production. B) decreasing prices. C) advertising. D) paying its employees higher wages.