If the government sets a minimum wage which is more than the ...

[itsmyluck]

If the government sets a minimum wage which is more than the equilibrium wage, the firms tend to demand more labor.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

The price elasticity of demand for a product is a measure of the:
 a. extent of competition in the market for the product.
  b. change in the quantity purchased of the product relative to a change in a consumer's income.
  c. change in the quantity demanded of the product due to changes in factors other than price.
  d. degree of consumer responsiveness to changes in the price of the product.
  e. percentage change in the prices of two related products.

[kxciann]

Answer to Question 1

False

Answer to Question 2

d