The figure above shows the labor market in a region. For a minimum wage to change the wage rate and amount of employment, it must be
A) left to the forces of supply and demand.
B) set above $6 an hour.
C) set equal to $6 an hour.
D) set below $6 an hour.
E) set at $12 per hour.
B
Economics
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Refer to the figure above. What is the consumer surplus before Lithasia opens up to free trade?
A) $3 B) $12 C) $18 D) $22
Economics
One complication in the process of reducing inflation by creating recessions is that the price level
a. adjusts more quickly to recessionary gaps than to inflationary gaps. b. does not apply as it does in inflationary gaps. c. always rises. d. rarely falls.
Economics