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 107 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
Thanks for the timely response, appreciate it

nanny

  • Member
  • Posts: 313
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

THE RATE OF PHOTOSYNTHESIS THE RATE OF PHOTOSYNTHESIS
Acceptable ranges of heart rate Acceptable ranges of heart rate
A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan
Natural Resource Prices, 1850–2010 Natural Resource Prices, 1850–2010
Changes in the Level of Education, 1975-2010 Changes in the Level of Education, 1975-2010
What is the minimum uncertainty in its position? What is the minimum uncertainty in its position?
Video: Methods that regulate pH

For a complete list of videos, visit our video library