1. Table 6.2.1 gives the supply and demand
schedules for teenage labour in Genoa City. Suppose the Genoa City Council sets a minimum wage of $16 per hour. Teenage unemployment is ________ hours a week.
2. If resources are allocated efficiently,
A. consumer surplus exceeds producer surplus.
B. marginal social benefit is maximized.
C. the sum of consumer surplus and producer surplus is maximized.
D. marginal social cost is minimized.
E. producer surplus exceeds consumer surplus.