Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of pilots if the government enforces a lower mandatory retirement age, say from age 65 to age 62?
A) The equilibrium wage rises and the equilibrium quantity of pilots falls.
B) The equilibrium wage and the equilibrium quantity of pilots fall.
C) The equilibrium wage and the equilibrium quantity of pilots rise.
D) The equilibrium wage falls and the equilibrium quantity of pilots rises.
Question 2
In the United States, government policies with respect to monopolies and collusion are embodied in
A) common law, which the United States adopted from English law.
B) the Supreme Court.
C) antitrust laws.
D) the U.S. Constitution.
Comparison of reactions at equilibrium and steady state
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