This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The federal minimum wage in 2010 was 7.25. If this wage rate was less than the equilibrium wage, ... (Read 108 times)

vHAUNG6011

  • Hero Member
  • *****
  • Posts: 514
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nmyers

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


vHAUNG6011

  • Member
  • Posts: 514
Reply 2 on: Jun 29, 2018
:D TYSM

samiel-sayed

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Rate of Residential Change, Past Year, in the United States Rate of Residential Change, Past Year, in the United States
When the United States gets stuck over a controversial issue—usually something a divided Congress ca When the United States gets stuck over a controversial issue—usually something a divided Congress ca
Effects of Elevation on Heart Rate and Ventilation Effects of Elevation on Heart Rate and Ventilation
Total Fertility Rate in Japan: Actual versus Forecast Total Fertility Rate in Japan: Actual versus Forecast
How wide must a narrow slit be if the first diffraction minimum occurs at 12 with laser light ... How wide must a narrow slit be if the first diffraction minimum occurs at 12 with laser light ...
One generation of random mating produces Hardy–Weinberg equilibrium One generation of random mating produces Hardy–Weinberg equilibrium
Video: How proteins function? How do proteins work?

For a complete list of videos, visit our video library