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Author Question: The federal minimum wage in 2010 was 7.25. If this wage rate was less than the equilibrium wage, ... (Read 164 times)

vHAUNG6011

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on: Jun 29, 2018
The federal minimum wage in 2010 was 7.25. If this wage rate was less than the equilibrium wage, what is the effect?
 
  A) The minimum wage does not create unemployment.
  B) The number of people who want to work at the minimum wage is the same as the number of available jobs.
  C) The number of people who want to work at the minimum wage is greater than the number of available jobs.
  D) Deadweight loss exists.

Question 2

In the long-run, a firm in monopolistic competition has
 
  A) a price that exceeds its average total cost.
  B) a price that exceeds its marginal cost.
  C) an average total cost that exceeds its price.
  D) a marginal cost that exceeds its price.


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nmyers

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


vHAUNG6011

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

strudel15

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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