Author Question: The long run is a time period in which A) one year or less elapses. B) all factors of production ... (Read 130 times)

Mr3Hunna · **on:** Jun 29, 2018

The long run is a time period in which

A) one year or less elapses.
B) all factors of production are variable.
C) all factors of production are fixed.
D) there is at least one fixed factor of production and at least one variable factor of production.

Question 2

If a minimum wage is set above the equilibrium wage rate, employment

A) will increase.
B) will not change.
C) will decrease.
D) may increase, decrease or not change depending on how the supply of labor is affected by the minimum wage.