Refer to Table 21.1. If Martha's income doubled to $220,000 while the incomes of the other four residents did not change, what would happen to the original median income on Richlandia?

Will a binding price floor result in a shortage or a surplus in the market?

The price elasticity of demand for labor will be greater, the

A) smaller is the price elasticity of demand for the final product. B) easier it is to employ substitute inputs in production. C) smaller is the proportion of wage costs in the total cost of production. D) shorter is the time period under examination.