Author Question: In the above figure, when the quantity equals 400 pretzels A) consumers are willing to pay 2 for ... (Read 60 times)

codyclark · **on:** Jun 29, 2018

In the above figure, when the quantity equals 400 pretzels

A) consumers are willing to pay 2 for the 400th pretzel.
B) producers are willing to supply 400 pretzels for 3.
C) producers are willing to supply 400 pretzels for 2.
D) the marginal benefit is greater than the marginal cost.

Question 2

In the figure above, D0 is the demand for labor curve. Imposing a minimum wage of 3 per hour will

A) have no effect on the market.
B) result in unemployment.
C) result in a labor shortage.
D) immediately shift the demand curve to D1.