Ex5213

Ex5213 - What was your hourly wage in your most recent job?...

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Unformatted text preview: What was your hourly wage in your most recent job? 1. More than $15 2. $10-$15 3. $6-$10 4. $5-$6 5. Less than $5 6. I ‘ve never had a wage job. 7. I don’t remember. A minimum wage rate is set 20% higher than the equilibrium wage. This causes total wages received by laborers to rise only if A) Labor supply is elastic. B) Labor supply is inelastic. C) Labor demand is elastic. D) Labor demand is inelastic. E) Employers are irrational. Why is that? • Minimum wage moves quantity to a point on which curve? Demand or supply? • On the DEMAND curve. Firms are not forced to hire more labor than they want. • If you move up the demand curve and revenue rises, is demand elastic or inelastic? • Inelastic. If a price floor is set on some good at a price higher than its equilibrium price, A) The good will be in excess supply. B) The good will be in excess demand. C) Neither prices nor quantities will be affected. If a price floor is set on some good at a price lower than its equilibrium price,...
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This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

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Ex5213 - What was your hourly wage in your most recent job?...

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