Refer to the above figure. Suppose the government imposes a minimum wage rate of $20.00 per hour. This will likely result in
A) a surplus of labor.
B) a shortage of labor.
C) an equilibrium in the labor market.
D) an increase in the demand for labor.
A
Economics
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When demand is inelastic, an increase in price causes the seller's total revenues to:
A fall to zero. B decrease. C remain the same. D increase.
Economics
In the markets for goods and services in the circular-flow diagram,
a. households provide firms with savings for investment. b. households provide firms with labor, land, and capital. c. firms provide households with output. d. firms provide households with profit.
Economics