The CBS news correspondent Bill Whitaker discussed the high level ...

[bclement10]

The CBS news correspondent Bill Whitaker discussed the high level of unemployment among teens, especially during the summer months. In 2011, unemployment among the population as a whole was 9.1 percent, but among teens it was close to 24 percent.
 
  Many of these teens were hoping to get entry level jobs as small businesses. (Source: CBS news, June 4, 2011) A minimum wage set above the equilibrium wage rate is called A) a price floor.
  B) a price ceiling.
  C) quota.
  D) subsidy.

Question 2

In the above figure, curve A is the ________ curve, curve B is the ________ curve, and curve C is the ________ curve.
 
  A) long-run aggregate supply; short-run aggregate supply; aggregate demand
  B) aggregate demand; short-run aggregate supply; long-run aggregate supply
  C) short-run aggregate supply; long-run aggregate supply; aggregate demand
  D) long-run aggregate supply; aggregate demand; short-run aggregate supply

[al]

Answer to Question 1

A

Answer to Question 2

A

[bclement10]

Excellent

[sailorcrescent]

Thanks for the timely response, appreciate it