Refer to exhibit 4 4 suppose the minimum wage is set

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15.Refer to Exhibit 4-4. Suppose the minimum wage is set at $7. The result will bea.a surplus of workers.b.a shortage of workers.c.no effect on the labor market.d.none of the above
____16.If the price of good A decreases by 10 percent and the quantity demanded of good B increases by 10 percent,this is evidence that A and B are
Exhibit 6-9Units of Good ConsumedTotal Utility (utils)Marginal Utility (utils)150502(A)303(B)154103(C)5(D)5
____17.Refer to Exhibit 6-9. What value goes in blank (C)?
____18.Which of the following is true?
Exhibit 7-5____19.Refer to Exhibit 7-5. Diseconomies of scale are present betweena.points A and B.b.points A and C.c.points B and C.d.points B and D.e.points C and D.
____20.Minimum efficient scale refers to the
____ 21. Unit cost refers to
5
____22.____ scale exist when inputs are increased by some percentage and output increases by a smaller percentage,whereas ____ scale exist when inputs are increased by some percentage and output increases by the samepercentage.
____ 23. Perfectly competitive industries area.difficult to enter because there are already so many producers in the industry.b.not particularly appealing or attractive to enter because there tend to be so many buyersthat it is difficult to deal with them.c.relatively easy to enter but not so easy to exit from.d. a and be.none of the above
6____

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Term
Spring
Professor
ElizabethWheaton
Tags
Supply And Demand, d, Externality, C Diseconomies

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