8. According to suply-dmaise wages foe the above re nemploymetd analysis, an inc

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8. According to suply-dmaise wages foe the above re nemploymetd analysis, an increase in the federal minimum wage will (a) a temporary labor -urpu ades foer some wokers at the expense of other workers (e) 9, By a ceiling on apartment rent (through "rent controls") in the 1940s, New York City ance (c) an incentive for apartment renters to sub-lease their apartments (d) all (a) an estate taxes rtment unit surplus in Manhattan (b) an incentive for landlords to pay their real of the above 10. If ncrease or decrease in the price of an item leads to no change in total revenue obtained indicating high inelasticity Choose the letter numbered facts below: ing the item, we can conclude that the demand for the item is (a) relatively weak y market forces, but by emotional or social forces b) relatively strong, indicating high elasticity (c)unit elastic (d) not (a, b, c or d) which best describes the type of industry characterized by the a- pure (perfect) monopoly b-monopolistic competition c oligopoly d-pure (perfect) competition 11. No advertising of any kind 12. Few sellers; substantial product differentiation 13. Few sellers; no product differentiation 14. No closely available substitutes for the firm's product 15. Many firms; ease of market entry and market exit; many differentiated products 16. NDP is (a) national income plus indirect business taxes (b) GDP minus depreciation (c) the national income earned during the year by resource suppliers (d) both a and b 17. The income received by the four factors of production is (a) personal income (b) net domestic product (c) national income (d) disposable personal income 18. An example of a transfer payment is (a) interest the U.S. govemment pays to a holder of a U.S. government bond (b) the monthly salary a soldier receives from the U.S. military (c) the monthly social security check the U.S. government sends to a senior citizen (d) all of the above are examples of transfer payments 19. 2009 production of autos not sold until 2010 are (a) counted in the GDP of 2009 as Investment (b) counted in the GDP of 2010 as Consumption (c) not counted in the GDP of year but counted in the NDP of 2009 (d) counted in both the GDP of 2009 and 2010 as depreciation

Explanation / Answer

1 All of above will happen

2 B is right

3 unit elastic.

4 D. In perfect competition there is no need for advertisements

5 monopolistic competition as differentiation is present

6 oligopoly as only few firms are oresent

7 pure monopoly

8 monopolistic competition

9 both a and b

10 national income

11 c is right since Govt recieves nothing in return

12 a is right since it is inventory

Was required to answer only 4 parts according to Chegg policy but still answered all. Please please like answer

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