« previous next »

Author Question: The above figure illustrates the labor market for fast food restaurants in a small city in Peru. ... (Read 122 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?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Most childhood vaccines are 90–99% effective in preventing disease. Side effects are rarely serious.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

(A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re (A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re
Selected Vitamins: Food Sources, Functions, and Deficiency and Toxicity Symptoms Selected Vitamins: Food Sources, Functions, and Deficiency and Toxicity Symptoms
Food Sources of Carbohydrates You need to eat at least 130 grams of carbohydrates daily Food Sources of Carbohydrates You need to eat at least 130 grams of carbohydrates daily
Small Plates Small Plates
Classical Conditioning and Food Classical Conditioning and Food
Gui (grilled food) Samgyeopsal gui Gui (grilled food) Samgyeopsal gui
Video: Methods that regulate pH

For a complete list of videos, visit our video library