« previous next »

Author Question: The above figure illustrates the labor market for fast food restaurants in a small city in Peru. ... (Read 141 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?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Levels of organization in a fast contracting frog Levels of organization in a fast contracting frog
Acid Fast Stain Acid Fast Stain
Wrapping an Infant or Small Child Wrapping an Infant or Small Child
Nutrients Are Absorbed through the Small Intestine Nutrients Are Absorbed through the Small Intestine
Punnett square of the dihybrid cross shown in Figure 3.8. There are two combinations of dominant and Punnett square of the dihybrid cross shown in Figure 3.8. There are two combinations of dominant and
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ... Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Video: Renin/Angiotensin (water gain from urine & Na ion and water reabsorption)

For a complete list of videos, visit our video library