Author Question: In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the ... (Read 77 times)

joblessjake · **on:** Jun 29, 2018

In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of 8 per hour, employment is ________.

A) 4,000 hours; 2,000 hours
B) 3,000 hours; 4,000 hours
C) 3,000 hours; 2,000 hours
D) 4,000 hours; 3,000 hours

Question 2

Which of the following goods would have the smallest elasticity of demand?

A) Exxon brand premium unleaded gasoline
B) insulin sold to diabetics
C) an education at Harvard Law School sold to recent college graduates
D) a bottle of Bayer Aspirin sold to someone without a headache