« previous next »

Author Question: The above figure illustrates the labor market for fast food restaurants in a small city in Peru. ... (Read 154 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
on: Jun 29, 2018
The above figure illustrates the labor market for fast food restaurants in a small city in Peru. What would be the effects of a minimum wage imposed at 4 per hour?
 
  A) a shortage of 200 hours
  B) a shortage of 100 hours
  C) a surplus of 200 hours
  D) nothing because the minimum wage has no effect on the equilibrium price and quantity

Question 2

A price below the equilibrium price results in
 
  A) a surplus.
  B) a shortage.
  C) excess supply.
  D) a further price fall.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


owenfalvey

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

Zulu123

  • Hero Member
  • *****
  • Posts: 525
Reply #2 on: Jun 29, 2018
Thank you :)


owenfalvey

  • Sr. Member
  • ****
  • Posts: 337
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Reaching out for food on a garden bird feeder. Squirrels can rotate their hind feet, allowing them t Reaching out for food on a garden bird feeder. Squirrels can rotate their hind feet, allowing them t
Child Labor Rates and GDP Worldwide Child Labor Rates and GDP Worldwide
Early in the twentieth century, when malnutrition was common, companies such as this one advertised Early in the twentieth century, when malnutrition was common, companies such as this one advertised
Working and Living and Playing in the City Dump of Phnom Penh, Cambodia Working and Living and Playing in the City Dump of Phnom Penh, Cambodia
Celiac disease affects the small intestine. Celiac disease affects the small intestine.
Effect of Shifting Labor into R&D Effect of Shifting Labor into R&D
Video: Digestive chemicals - water, gastric acid, bile & bicarbonate

For a complete list of videos, visit our video library