« previous next »

Author Question: The equilibrium wage in a local labor market is 10 per hour. If a minimum wage of 15 per hour is ... (Read 212 times)

ssal

  • Hero Member
  • *****
  • Posts: 572
on: Jun 29, 2018
The equilibrium wage in a local labor market is 10 per hour. If a minimum wage of 15 per hour is imposed, which of the following will occur?
 
  A) There will be a decrease in the quantity of labor supplied by households.
  B) There will be an increase in unemployment.
  C) There will be an increase in the quantity of labor demanded by firms.
  D) All of the above will occur.

Question 2

Refer to Scenario 14-1. M2 in this simple economy equals
 
  A) 3,000. B) 8,000. C) 14,000. D) 21,000.


diana chang

  • Sr. Member
  • ****
  • Posts: 288
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ... Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ...
Local Anesthetics Local Anesthetics
Hydroelectric power: 2013 Global Market Hydroelectric power: 2013 Global Market
Efficient Allocation of Labor between Sectors Efficient Allocation of Labor between Sectors
What will be the pH of the solution once equilibrium is established? What will be the pH of the solution once equilibrium is established?
Video: Cellular slime mold life cycle Animation

For a complete list of videos, visit our video library