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Author Question: Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice? A) 60 ... (Read 68 times)

NguyenJ

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on: Jun 29, 2018
Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice?
 
  A) 60 wristwatches B) 20 wristwatches
  C) 5 wristwatches D) 0.05 units of a wristwatch

Question 2

What would be the impact of a minimum wage that is set below the equilibrium wage that would otherwise prevail in the labor market?
 
  What will be an ideal response?


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Kdiggy

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

This would have no impact on the labor market. The reason is that the market is already paying workers above what the minimum wage requires. The only way for a minimum wage to have any practical effect on the labor market is for it to be set above the equilibrium wage rate.


NguyenJ

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

ttt030911

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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