In the above figure, if the minimum wage is set at 6 per hour, ...

[Pineapplelove6]

In the above figure, if the minimum wage is set at 6 per hour, the level of unemployment is ________ hours per week is
 
  A) 40 million
  B) 30 million
  C) 20 million
  D) 0

Question 2

Business people often speak about price elasticity without actually using the term. Which statement describes a good with an elastic demand?
 
  A) A price cut won't help me. It won't increase my sales, and I'll just get less money for each unit.
  B) I don't think a price cut will help my bottom line any. Sure, I'll sell a bit more, but I'll more than lose because the price will be lower.
  C) My customers are real shoppers. After I cut my prices just a few cents below those my competitors charge, customers have been flocking to my store and sales are booming.
  D) The economic expansion has done wonders for my sales. With more people back at work, my sales are taking off

[Bsand8]

Answer to Question 1

D

Answer to Question 2

C

[Pineapplelove6]

Thanks for the timely response, appreciate it

[sailorcrescent]

Wow, this really help