The table above shows the demand for labor and supply of labor schedules for low-skilled labor. If the labor market is competitive, what is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed?
A) $6 an hour; 60 hours a day
B) $6 an hour; 65 hours a day
C) $4 an hour; 70 hours a day
D) $4 an hour; 55 hours a day
A
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The government in the country of Zappoo is trying to decide which tax plan to implement. The table above shows three alternative plans. If the government decides to implement a proportional income tax, it will implement tax plan ________
A) A B) B C) C D) None of the above because none of the above are proportional taxes.
Would the shopkeeper be able to convince the customer that he would usher the customer out if he gets a low price?
a. Yes, such threats are always credible b. No, because losing the sale is not in the shopkeeper's best interest c. No, because he would get more by accommodating the low price than losing the sale d. Both B&C