QUESTION 37 A binding minimum wage will increase the income of a. no workers o b

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QUESTION 37 A binding minimum wage will increase the income of a. no workers o b. all workers c potential workers seeking employment o d only those workers in jobs that would normally pay less than minimum wage o e only those workers in jobs that would normally pay more than minimum wage QUES TION 38 Most economists are against monopolies because e a monopolies can never produce the quantity that a perfectly competitive market would produce O b monopolists do not maximize profits c , monopolies produce too much of a product d monopolies offer consumers more choices than they need e. monopolies offer less choice to consumers QUESTION 39 Charging a different price to each consumer results in an interesting stuation A firm is able to achiewe the o a. frm, consumer efficiency of ao) while also producing the output that an) would choose b cornpetitve market, monopolist c. monopolist, government od monopolist, society oe elastic consumer, inelastic consumer QUESTION 40 o a uses the result of sociology observations to apply to models of individual dec o b involves people separating small losses from large losses c. is the least controversial feld of economics o d is the most controversial field of economics e. uses the results of psychology experiments to apply to models of individua decision-making Behavioral economics ng anubnit. Click Save All Ansuwers to save all answers

Explanation / Answer

(37) (d)

A binding minimum wage increases wage rate, decreasing quantity of labor demanded but increasing quantity of labor supplied, creating a labor surplus and unemployment. Those workers who retain their job will see a rise in their wage income if their normal wage rate was less than the minimum wage.

(38) (a)

Monopoly produces less than and prices more than what a perfectly competitive firm does.

(39) (b)

Charging each customer a different price is an example of first degree price discrimination where monopolist prices equal to MC, bu extracts entire consumer surplus as its profit.

(40) (a)

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