Other things constant, a rise in the number of unskilled immigrants tends to
A) reduce income inequality.
B) increase income inequality.
C) have no effect on income inequality.
D) initially reduce income inequality, but then increase it because immigrants steal jobs from citizens.
B
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The above figure shows three possible average total cost curves
If all firms in a perfectly competitive industry each have an average total cost curve identical to ATC1, each produce 30 units, and the market price of the good is $16 per unit, then the firms A) make zero economic profit and new firms enter the market. B) make zero economic profit and no firms enter or exit the market. C) make zero economic profit and some firms exit the market. D) incur an economic loss and some firms exit the market. E) make an economic profit and new firms enter the market.
When a perfectly competitive firm is in long-run equilibrium:
A) its total revenues equal the sum of its total explicit and implicit costs costs. B) the firm is operating at the minimum of its LRAC curve. C) the firm is earning zero economic profit. D) All of the above.